Shares of Butterfly Network, Inc. (NYSE:BFLY – Get Free Report) shot up 6.6% on Wednesday . The stock traded as high as $5.45 and last traded at $5.4560. 1,080,013 shares changed hands during trading, a decline of 80% from the average session volume of 5,495,773 shares. The stock had previously closed at $5.12.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on BFLY. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. TD Cowen raised their price target on Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Finally, Loop Capital set a $5.50 price target on Butterfly Network in a research report on Monday, March 2nd. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $5.56.
Get Our Latest Research Report on Butterfly Network
Butterfly Network Price Performance
Butterfly Network (NYSE:BFLY – Get Free Report) last released its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The firm had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. As a group, sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.
Insider Buying and Selling at Butterfly Network
In other news, insider Steve Cashman sold 294,680 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the sale, the insider directly owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. The trade was a 15.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 21.99% of the company’s stock.
Institutional Trading of Butterfly Network
Hedge funds and other institutional investors have recently made changes to their positions in the company. Palumbo Wealth Management LLC lifted its stake in shares of Butterfly Network by 182.9% in the fourth quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock worth $1,571,000 after acquiring an additional 267,238 shares during the period. Quent Capital LLC acquired a new position in shares of Butterfly Network in the fourth quarter worth approximately $697,000. DNB Asset Management AS lifted its stake in shares of Butterfly Network by 116.1% in the fourth quarter. DNB Asset Management AS now owns 780,335 shares of the company’s stock worth $2,965,000 after acquiring an additional 419,197 shares during the period. Opal Wealth Advisors LLC lifted its stake in shares of Butterfly Network by 10.1% in the fourth quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after acquiring an additional 3,355 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Butterfly Network by 40.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 47,318 shares of the company’s stock worth $192,000 after acquiring an additional 13,618 shares during the period. 37.85% of the stock is currently owned by institutional investors.
Butterfly Network Company Profile
Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.
Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.
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