Butterfly Network (NYSE:BFLY) Shares Gap Up – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) gapped up prior to trading 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 trading hands.

Butterfly Network Trading Up 0.6 %

The firm has a fifty day moving average of $3.41 and a 200-day moving average of $2.18.

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. 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 period in the previous year, the firm earned ($0.13) EPS. Analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Activity

In related news, insider Steve Cashman sold 164,079 shares of the company’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 $502,081.74. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. Company insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Hartline Investment Corp boosted its holdings in shares of 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 during the last quarter. Kovitz Investment Group Partners LLC purchased a new position in Butterfly Network during the third quarter worth about $44,000. Barclays PLC boosted its stake in Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after buying an additional 25,011 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Butterfly Network in the 4th quarter valued at about $46,000. Finally, Verition Fund Management LLC acquired a new position in shares of Butterfly Network during the 3rd quarter valued at about $57,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.