Butterfly Network, Inc. (NYSE:BFLY – Get Free Report)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $6.14 and last traded at $5.6850, with a volume of 6491580 shares changing hands. The stock had previously closed at $5.65.
Analyst Ratings Changes
Several equities research analysts have issued reports on the stock. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research report on Monday, March 2nd. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. TD Cowen boosted their price target on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.56.
Read Our Latest Research Report on BFLY
Butterfly Network Stock Up 0.6%
Butterfly Network (NYSE:BFLY – Get Free Report) last released its quarterly earnings data 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 net margin of 73.63% and a negative return on equity of 34.41%. The firm had revenue of $26.53 million for the quarter, compared to analyst estimates of $26.08 million. On average, analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.
Insider Transactions at Butterfly Network
In related news, insider Steve Cashman sold 294,680 shares of the stock in a transaction on Monday, June 8th. The shares were 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 of the company’s stock, valued at approximately $7,597,696.62. This represents a 15.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 21.99% of the company’s stock.
Hedge Funds Weigh In On Butterfly Network
A number of large investors have recently added to or reduced their stakes in BFLY. AWM Investment Company Inc. raised its position in Butterfly Network by 750.0% during the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after acquiring an additional 3,000,000 shares during the period. Bank of America Corp DE raised its position in Butterfly Network by 71.0% during the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after acquiring an additional 1,728,938 shares during the period. First Light Asset Management LLC raised its position in Butterfly Network by 149.3% during the fourth quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock worth $10,686,000 after acquiring an additional 1,684,133 shares during the period. Sei Investments Co. acquired a new position in Butterfly Network during the second quarter worth $2,183,000. Finally, Deutsche Bank AG raised its position in Butterfly Network by 156.7% during the fourth quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock worth $6,279,000 after acquiring an additional 1,008,556 shares during the period. 37.85% of the stock is currently 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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