Investors Buy High Volume of Butterfly Network Call Options (NYSE:BFLY)
Butterfly Network, Inc. (NYSE:BFLY) experienced significant options trading activity, with 5,450 call options purchased, marking a 257% increase from the average daily volume. Recent insider trading saw Steve Cashman sell 142,590 shares, reducing his stake by 6.13%. Institutional investors have also increased their holdings, with Vanguard Group raising its stake by 15.6%. Analysts maintain a "Moderate Buy" rating with an average price target of $3.00. The stock is currently trading at $1.90, with a market cap of $477.05 million and a P/E ratio of -6.77.
Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) was the recipient of unusually large options trading activity on Friday. Stock traders acquired 5,450 call options on the stock. This represents an increase of approximately 257% compared to the typical volume of 1,525 call options.
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Insider Buying and Selling at Butterfly Network
- Can Butterfly Network Spread its Wings in 2023?
In related news, insider Steve Cashman sold 142,590 shares of the company's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $1.50, for a total transaction of $213,885.00. Following the completion of the transaction, the insider owned 2,181,884 shares in the company, valued at $3,272,826. This represents a 6.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 161,235 shares of company stock worth $241,731. 25.18% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Butterfly Network
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Butterfly Network by 15.6% during the 1st quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company's stock worth $19,605,000 after acquiring an additional 1,161,647 shares in the last quarter. ARK Investment Management LLC increased its stake in shares of Butterfly Network by 16.8% during the first quarter. ARK Investment Management LLC now owns 7,023,980 shares of the company's stock worth $16,015,000 after acquiring an additional 1,012,460 shares during the period. First Light Asset Management LLC increased its stake in shares of Butterfly Network by 37.8% during the first quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company's stock worth $12,553,000 after acquiring an additional 1,511,029 shares during the period. Hood River Capital Management LLC boosted its holdings in Butterfly Network by 3.6% during the second quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company's stock worth $10,255,000 after buying an additional 176,515 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Butterfly Network by 114.7% during the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company's stock worth $8,680,000 after buying an additional 2,317,882 shares in the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the stock. Craig Hallum reiterated a "positive" rating and issued a $2.00 price objective on shares of Butterfly Network in a report on Monday, August 4th. Oppenheimer reiterated a "market perform" rating on shares of Butterfly Network in a report on Friday, August 1st. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $3.00.
View Our Latest Stock Analysis on Butterfly Network
Butterfly Network Stock Up 0.3%
Butterfly Network stock traded up $0.01 during mid-day trading on Friday, reaching $1.90. 5,525,025 shares of the company's stock were exchanged, compared to its average volume of 3,811,160. Butterfly Network has a twelve month low of $1.32 and a twelve month high of $4.98. The company has a fifty day moving average of $1.62 and a 200-day moving average of $2.09. The company has a market cap of $477.05 million, a P/E ratio of -6.77 and a beta of 2.52.
Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. Butterfly Network had a negative net margin of 71.79% and a negative return on equity of 30.53%. The business had revenue of $23.38 million for the quarter, compared to analyst estimates of $23.91 million. Butterfly Network has set its FY 2025 guidance at EPS. Equities research analysts expect that Butterfly Network will post -0.35 earnings per share for the current fiscal year.
About Butterfly Network
(Get Free Report)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.
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