Butterfly Network (NYSE:BFLY) Stock Price Up 11.9% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY)’s stock price rose 11.9% during mid-day trading on Thursday . The company traded as high as $4.81 and last traded at $4.9120. Approximately 750,189 shares were traded during trading, a decline of 86% from the average daily volume of 5,477,977 shares. The stock had previously closed at $4.39.

Wall Street Analyst Weigh In

BFLY has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. TD Cowen increased their target price on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Loop Capital set a $5.50 target price on Butterfly Network in a research report on Monday, March 2nd. Finally, Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 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. According to data from MarketBeat, Butterfly Network presently has an average rating of “Hold” and an average target price of $5.56.

Butterfly Network Stock Performance

The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -15.18 and a beta of 2.22. The business has a 50 day simple moving average of $4.52 and a 200-day simple moving average of $3.92.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The business had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. Equities analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Trading of Butterfly Network

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Butterfly Network by 4.3% in the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after acquiring an additional 453,258 shares during the last quarter. ARK Investment Management LLC increased its position in shares of Butterfly Network by 1.6% during the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock worth $23,729,000 after purchasing an additional 99,079 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Butterfly Network by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after purchasing an additional 75,243 shares during the last quarter. Bank of America Corp DE increased its position in shares of Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Finally, AWM Investment Company Inc. increased its position in shares of Butterfly Network by 750.0% during the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after purchasing an additional 3,000,000 shares during the last quarter. 37.85% of the stock is 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.