Butterfly Network (NYSE:BFLY) Sees Unusually-High Trading Volume

Butterfly Network, Inc. (NYSE:BFLYGet Rating) saw an uptick in trading volume on Friday . 154,752 shares changed hands during trading, a decline of 92% from the previous session’s volume of 1,840,740 shares.The stock last traded at $3.80 and had previously closed at $3.71.

Analysts Set New Price Targets

Separately, B. Riley began coverage on Butterfly Network in a research note on Tuesday, October 4th. They set a “buy” rating and a $9.50 price objective for the company.

Butterfly Network Price Performance

The business has a 50 day moving average of $4.85 and a 200 day moving average of $4.70. The company has a market cap of $754.26 million, a PE ratio of -5.04 and a beta of 1.93.

Butterfly Network (NYSE:BFLYGet Rating) last announced its quarterly earnings results on Thursday, November 3rd. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). The business had revenue of $19.62 million during the quarter, compared to analysts’ expectations of $21.40 million. Butterfly Network had a negative return on equity of 37.78% and a negative net margin of 204.70%. Sell-side analysts forecast that Butterfly Network, Inc. will post -0.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other Butterfly Network news, insider Darius Shahida sold 20,139 shares of the stock in a transaction on Monday, September 19th. The stock was sold at an average price of $5.49, for a total value of $110,563.11. Following the completion of the transaction, the insider now owns 656,793 shares in the company, valued at $3,605,793.57. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 26,408 shares of company stock worth $142,539. 42.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently modified their holdings of the stock. Kestra Advisory Services LLC increased its holdings in Butterfly Network by 18.3% in the 1st quarter. Kestra Advisory Services LLC now owns 35,922 shares of the company’s stock worth $171,000 after buying an additional 5,553 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Butterfly Network by 45.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 17,387 shares of the company’s stock worth $83,000 after buying an additional 5,457 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Butterfly Network by 79.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 89,349 shares of the company’s stock worth $425,000 after buying an additional 39,517 shares in the last quarter. Advisor Group Holdings Inc. increased its holdings in Butterfly Network by 98.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 73,113 shares of the company’s stock worth $571,000 after buying an additional 36,185 shares in the last quarter. Finally, Swiss National Bank increased its holdings in Butterfly Network by 9.6% in the 1st quarter. Swiss National Bank now owns 262,500 shares of the company’s stock worth $1,250,000 after buying an additional 22,900 shares in the last quarter. 49.29% of the stock is currently owned by institutional investors.

About Butterfly Network

(Get Rating)

Butterfly Network, Inc, a digital health company, develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+, a point-of-care ultrasound imaging device that connects with a smartphone, tablet, and hospital computer system; and Butterfly Blueprint, a system-wide ultrasound platform with Compass software that integrates into a healthcare system's clinical and administrative infrastructure.

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