Butterfly Network, Inc. (NYSE:BFLY – Get Free Report)’s share price was up 5.6% during mid-day trading on Tuesday . The company traded as high as $7.74 and last traded at $7.6770. 4,268,181 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 6,234,159 shares. The stock had previously closed at $7.27.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the company. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. TD Cowen upped their price objective on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Finally, Loop Capital set a $5.50 price target on Butterfly Network in a report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Butterfly Network has an average rating of “Hold” and an average target price of $5.56.
View Our Latest Report on Butterfly Network
Butterfly Network Stock Up 0.4%
Butterfly Network (NYSE:BFLY – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping 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 business had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. On average, analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.
Insider Activity
In related news, insider Steve Cashman sold 294,680 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.66, for a total value of $1,373,208.80. Following the sale, the insider directly owned 1,630,407 shares in the company, valued at $7,597,696.62. This trade represents a 15.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 21.99% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the business. Bank of America Corp DE grew its position in Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after buying an additional 1,728,938 shares in the last quarter. Janus Henderson Group PLC acquired a new position in shares of Butterfly Network during the first quarter valued at approximately $446,000. Quantinno Capital Management LP bought a new stake in Butterfly Network during the first quarter worth approximately $73,000. Sei Investments Co. raised its holdings in Butterfly Network by 30.6% during the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after purchasing an additional 539,171 shares in the last quarter. Finally, State of Wyoming acquired a new stake in Butterfly Network in the first quarter worth approximately $143,000. 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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