Shares of Butterfly Network, Inc. (NYSE:BFLY – Get Free Report) hit a new 52-week high on Friday . The company traded as high as $5.84 and last traded at $5.8570, with a volume of 522958 shares trading hands. The stock had previously closed at $5.68.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on BFLY shares. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. TD Cowen lifted their price target on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Loop Capital set a $5.50 price target on shares of Butterfly Network in a research note on Monday, March 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $5.56.
Get Our Latest Stock Report on Butterfly Network
Butterfly Network Price Performance
Butterfly Network (NYSE:BFLY – Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. As a group, sell-side analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.
Insiders Place Their Bets
In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80. Following the completion of the transaction, the insider owned 1,630,407 shares in the company, valued at $7,597,696.62. This represents a 15.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 21.99% of the stock is currently owned by company insiders.
Institutional Trading of Butterfly Network
A number of large investors have recently made changes to their positions in the company. KBC Group NV acquired a new position in Butterfly Network during the first quarter worth approximately $25,000. Ameriprise Financial Inc. acquired a new stake in shares of Butterfly Network in the third quarter valued at approximately $25,000. BNP Paribas Financial Markets grew its position in shares of Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after acquiring an additional 14,244 shares during the last quarter. Wisconsin Wealth Advisors LLC purchased a new position in shares of Butterfly Network during the fourth quarter worth approximately $38,000. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Butterfly Network in the 4th quarter valued at $38,000. 37.85% of the stock is owned by institutional investors and hedge funds.
About Butterfly Network
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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