Butterfly Network (NYSE:BFLY) Sees Large Volume Increase – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY) shares saw unusually-high trading volume on Monday . 6,027,158 shares traded hands during mid-day trading, an increase of 0% from the previous session’s volume of 6,015,589 shares.The stock last traded at $8.2650 and had previously closed at $8.90.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BFLY shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Loop Capital set a $5.50 target price on Butterfly Network in a research note on Monday, March 2nd. Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Finally, TD Cowen upped their price target on Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.56.

Butterfly Network Stock Performance

The stock’s 50 day simple moving average is $4.93 and its 200 day simple moving average is $4.17. The firm has a market cap of $1.78 billion, a P/E ratio of -23.13 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data 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. The firm had revenue of $26.53 million during the quarter, compared to analysts’ expectations 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, analysts forecast 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 firm’s stock in a transaction on 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 transaction, the insider directly owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds have recently modified their holdings of BFLY. KBC Group NV purchased a new stake in shares of Butterfly Network during the first quarter valued at approximately $25,000. Ameriprise Financial Inc. bought a new stake in Butterfly Network in the 3rd quarter valued at about $25,000. BNP Paribas Financial Markets raised its stake in Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after acquiring an additional 14,244 shares during the period. Wisconsin Wealth Advisors LLC purchased a new stake in Butterfly Network during the fourth quarter valued at about $38,000. Finally, ExodusPoint Capital Management LP purchased a new stake in Butterfly Network during the fourth quarter valued at about $38,000. Institutional investors own 37.85% of the company’s stock.

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.