Shares of Butterfly Network, Inc. (NYSE:BFLY – Get Free Report) rose 10.6% on Tuesday. The stock traded as high as $7.40 and last traded at $7.3650. 2,866,786 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 6,338,594 shares. The stock had previously closed at $6.66.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the company. TD Cowen reiterated a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. Needham & Company LLC assumed coverage on shares of Butterfly Network in a report on Tuesday, September 22nd. They set a “buy” rating and a $10.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Canaccord Genuity Group assumed coverage on Butterfly Network in a report on Monday, October 12th. They issued a “buy” rating and a $10.00 price objective for the company. Finally, Evercore began coverage on shares of Butterfly Network in a report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Butterfly Network has an average rating of “Moderate Buy” and an average price target of $8.75.
Read Our Latest Stock Analysis on Butterfly Network
Butterfly Network Trading Down 4.5%
The company has a market cap of $1.99 billion, a price-to-earnings ratio of -25.74 and a beta of 2.04. The stock’s fifty day simple moving average is $8.15 and its 200 day simple moving average is $6.01.
Butterfly Network (NYSE:BFLY – Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $32.60 million for the quarter, compared to analyst estimates of $28.37 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current year.
Insider Transactions at Butterfly Network
In other Butterfly Network news, CEO Joseph Devivo sold 68,346 shares of Butterfly Network stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $10.01, for a total transaction of $684,143.46. Following the completion of the sale, the chief executive officer directly owned 7,603,700 shares in the company, valued at $76,113,037. This trade represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steve Cashman sold 140,112 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $7.30, for a total value of $1,022,817.60. Following the completion of the sale, the insider directly owned 1,490,295 shares in the company, valued at approximately $10,879,153.50. The trade was a 8.59% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 354,707 shares of company stock valued at $2,967,211 in the last ninety days. 21.99% of the stock is currently owned by corporate insiders.
Institutional Trading of Butterfly Network
Hedge funds have recently made changes to their positions in the business. Vise Technologies Inc. acquired a new position in shares of Butterfly Network during the third quarter worth about $139,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Butterfly Network during the third quarter worth about $46,000. Sterling Capital Management LLC increased its position in Butterfly Network by 880.0% during the third quarter. Sterling Capital Management LLC now owns 7,242 shares of the company’s stock worth $65,000 after buying an additional 6,503 shares during the period. Inspire Investing LLC purchased a new stake in Butterfly Network in the 3rd quarter valued at $631,000. Finally, Benchmark Financial Wealth Advisors LLC purchased a new stake in shares of Butterfly Network in the third quarter valued at about $94,000. Institutional investors and hedge funds own 37.85% of the company’s stock.
About Butterfly Network
Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company’s core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems’ large arrays of piezoelectric transducers with a compact, software-driven probe.
Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.
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