Butterfly Network (NYSE:BFLY) Stock Price Up 6.5% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) shares were up 6.5% on Wednesday . The stock traded as high as $4.17 and last traded at $4.16. Approximately 890,485 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 4,445,735 shares. The stock had previously closed at $3.91.

Butterfly Network Price Performance

The firm’s 50 day moving average price is $3.38 and its 200-day moving average price is $2.16. The firm has a market cap of $853.31 million, a price-to-earnings ratio of -8.71 and a beta of 2.45.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The business had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. During the same quarter in the prior year, the business earned ($0.13) earnings per share. Analysts expect that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Heather C. Getz sold 30,136 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the sale, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the transaction, the insider now owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BFLY. Renaissance Technologies LLC increased its position in shares of Butterfly Network by 46.5% during the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after purchasing an additional 108,944 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Butterfly Network during the second quarter worth approximately $112,000. Marshall Wace LLP raised its stake in shares of Butterfly Network by 353.7% in the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after acquiring an additional 248,201 shares during the last quarter. Point72 DIFC Ltd boosted its holdings in shares of Butterfly Network by 1,271.4% in the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock worth $65,000 after acquiring an additional 71,773 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Butterfly Network during the 2nd quarter worth approximately $90,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.