Butterfly Network (NYSE:BFLY) Trading Up 6.1% – Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY) shares shot up 6.1% during mid-day trading on Thursday . The stock traded as high as $3.31 and last traded at $3.31. 291,215 shares changed hands during trading, a decline of 86% from the average session volume of 2,091,534 shares. The stock had previously closed at $3.12.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital assumed coverage on shares of Butterfly Network in a research report on Tuesday, September 10th. They set a “buy” rating and a $3.00 price target on the stock.

Butterfly Network Stock Performance

The company has a market cap of $645.58 million, a price-to-earnings ratio of -6.59 and a beta of 2.46. The business has a 50-day simple moving average of $2.63 and a 200-day simple moving average of $1.72.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. The business had revenue of $20.56 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the firm posted ($0.13) EPS. Research analysts anticipate that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Institutional Trading of Butterfly Network

A number of hedge funds have recently added to or reduced their stakes in the stock. Procyon Advisors LLC raised its position in Butterfly Network by 7.3% during the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock worth $145,000 after buying an additional 5,600 shares during the last quarter. Hartline Investment Corp raised its holdings in Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after purchasing an additional 10,000 shares in the last quarter. Quent Capital LLC lifted its position in Butterfly Network by 25.6% in the third quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock valued at $173,000 after purchasing an additional 20,000 shares during the period. Kovitz Investment Group Partners LLC purchased a new stake in Butterfly Network in the 3rd quarter valued at approximately $44,000. Finally, Barclays PLC increased its position in Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after purchasing an additional 25,011 shares during the period. 37.85% of the stock is owned by institutional investors and hedge funds.

About Butterfly Network

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.