Raymond James & Associates Grows Holdings in Butterfly Network, Inc. (NYSE:BFLY)

Raymond James & Associates increased its position in shares of Butterfly Network, Inc. (NYSE:BFLYGet Rating) by 11.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 546,373 shares of the company’s stock after purchasing an additional 57,046 shares during the quarter. Raymond James & Associates owned approximately 0.27% of Butterfly Network worth $2,568,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BFLY. Madison Asset Management LLC purchased a new position in Butterfly Network during the second quarter worth about $31,000. Kestra Private Wealth Services LLC purchased a new position in Butterfly Network in the second quarter valued at about $31,000. TownSquare Capital LLC purchased a new position in Butterfly Network in the second quarter valued at about $32,000. Creative Planning purchased a new position in Butterfly Network in the second quarter valued at about $33,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in Butterfly Network in the second quarter valued at about $43,000. 49.54% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Stock Performance

BFLY stock opened at $2.67 on Friday. Butterfly Network, Inc. has a 52 week low of $2.17 and a 52 week high of $8.72. The firm’s fifty day moving average is $2.71 and its 200 day moving average is $4.41. The firm has a market cap of $535.51 million, a P/E ratio of -3.56 and a beta of 1.78.

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

Analysts Set New Price Targets

A number of brokerages recently commented on BFLY. Oppenheimer initiated coverage on shares of Butterfly Network in a research note on Monday, November 28th. They set an “outperform” rating and a $4.50 price target on the stock. B. Riley started coverage on shares of Butterfly Network in a report on Tuesday, October 4th. They set a “buy” rating and a $9.50 target price on the stock.

Insider Transactions at Butterfly Network

In related news, insider Darius Shahida sold 26,885 shares of the stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $2.36, for a total value of $63,448.60. Following the completion of the transaction, the insider now directly owns 629,908 shares in the company, valued at approximately $1,486,582.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 28.36% of the company’s stock.

Butterfly Network Profile

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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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Institutional Ownership by Quarter for Butterfly Network (NYSE:BFLY)

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