Butterfly Network (NYSE:BFLY) Shares Gap Up – Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY) shares gapped up before the market opened on Tuesday . The stock had previously closed at $3.67, but opened at $3.84. Butterfly Network shares last traded at $3.92, with a volume of 502,649 shares.

Butterfly Network Price Performance

The company’s fifty day moving average is $3.41 and its 200 day moving average is $2.18.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $19.12 million. During the same quarter in the previous year, the business posted ($0.13) EPS. As a group, equities analysts expect that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In other news, insider Steve Cashman sold 164,079 shares of Butterfly Network 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 sale, the insider now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Heather C. Getz sold 30,136 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the transaction, the chief financial officer now owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. This trade represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently bought and sold shares of BFLY. Marshall Wace LLP grew its position in shares of Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after buying an additional 248,201 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in Butterfly Network by 1,045.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock valued at $216,000 after acquiring an additional 234,530 shares during the last quarter. XTX Topco Ltd grew its holdings in Butterfly Network by 169.7% during the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after acquiring an additional 226,781 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Butterfly Network by 46.5% in 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 during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Butterfly Network in the 2nd quarter valued at about $90,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

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.