Butterfly Network (NYSE:BFLY) Shares Gap Up to $2.67

Financial News Live · Dec 13, 2022 11:12

Butterfly Network, Inc. (NYSE:BFLY – Get Rating)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.67, but opened at $2.87. Butterfly Network shares last traded at $2.88, with a volume of 21,566 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BFLY shares. B. Riley assumed coverage on Butterfly Network in a research note on Tuesday, October 4th. They issued a "buy" rating and a $9.50 price target on the stock. Oppenheimer assumed coverage on Butterfly Network in a report on Monday, November 28th. They set an "outperform" rating and a $4.50 target price on the stock.

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Butterfly Network Price Performance

The firm has a 50-day simple moving average of $3.87 and a 200 day simple moving average of $4.72.

Butterfly Network (NYSE:BFLY – Get Rating) last posted its earnings results on Thursday, November 3rd. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The firm had revenue of $19.62 million during the quarter, compared to the consensus estimate of $21.40 million. Butterfly Network had a negative net margin of 204.70% and a negative return on equity of 37.78%. On average, equities research analysts anticipate that Butterfly Network, Inc. will post -0.89 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In other news, insider Darius Shahida sold 20,139 shares of the firm's stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $5.49, for a total transaction of $110,563.11. Following the completion of the transaction, the insider now directly owns 656,793 shares in the company, valued at $3,605,793.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 26,408 shares of company stock worth $142,539 over the last ninety days. 28.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds have recently made changes to their positions in BFLY. ARK Investment Management LLC raised its position in shares of Butterfly Network by 52.8% during the third quarter. ARK Investment Management LLC now owns 10,840,899 shares of the company's stock worth $50,952,000 after acquiring an additional 3,746,755 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Butterfly Network during the first quarter valued at approximately $5,883,000. State Street Corp boosted its position in shares of Butterfly Network by 15.2% during the first quarter. State Street Corp now owns 4,489,835 shares of the company's stock valued at $21,372,000 after buying an additional 593,387 shares during the last quarter. Glenview Capital Management LLC lifted its holdings in Butterfly Network by 10.1% during the first quarter. Glenview Capital Management LLC now owns 5,464,751 shares of the company's stock worth $26,012,000 after acquiring an additional 500,000 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Butterfly Network during the third quarter worth $1,934,000. 49.29% of the stock is currently owned by institutional investors.

Butterfly Network Company 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.