Butterfly Network (NYSE:BFLY) Stock Price Up 8% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) shot up 8% on Tuesday . The company traded as high as $4.27 and last traded at $4.28. 1,606,751 shares changed hands during trading, a decline of 65% from the average session volume of 4,644,545 shares. The stock had previously closed at $3.96.

Butterfly Network Stock Up 17.6 %

The stock has a 50-day simple moving average of $3.55 and a two-hundred day simple moving average of $2.34. The firm has a market cap of $991.80 million, a PE ratio of -10.11 and a beta of 2.47.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. The firm had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same quarter in the previous year, the business earned ($0.13) earnings per share. Research analysts expect that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Transactions at Butterfly Network

In other news, CFO Heather C. Getz sold 30,136 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the sale, the chief financial officer now directly 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 position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steve Cashman sold 164,079 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the transaction, the insider now owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new stake in Butterfly Network in the fourth quarter worth about $34,000. Palumbo Wealth Management LLC lifted its stake in Butterfly Network by 528.1% in the fourth quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company’s stock worth $229,000 after purchasing an additional 61,688 shares during the last quarter. White Pine Capital LLC bought a new stake in shares of Butterfly Network during the fourth quarter valued at approximately $398,000. Calamos Advisors LLC bought a new stake in shares of Butterfly Network during the fourth quarter valued at approximately $525,000. Finally, Baader Bank Aktiengesellschaft bought a new stake in shares of Butterfly Network during the fourth quarter valued at approximately $287,000. Institutional investors own 37.85% of the company’s stock.

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.