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Butterfly Network (NASDAQ:BFLY – Get a Rating) saw its price target reduced by Cowen from $12.00 to $7.00 in a report on Wednesday, reports The Fly. Cowen’s target price indicates a potential upside of 152.71% from the stock’s previous close.
Separately, Zacks Investment Research upgraded Butterfly Network from a “Strong Sell” rating to a “Hold” rating in a Tuesday, May 3, report.
BFLY stock opened Wednesday at $2.77. The company has a market capitalization of $548.90 million, a PE ratio of -7.10 and a beta of 2.52. Butterfly Network has a 12-month low of $2.61 and a 12-month high of $15.65. The company’s fifty-day moving average price is $4.22 and its 200-day moving average price is $6.10.
Butterfly Network (NASDAQ:BFLY – Get Rating) last released its quarterly results on Thursday, May 5. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.03. Butterfly Network had a negative return on equity of 24.45% and a negative net margin of 115.98%. In the same quarter of the previous year, the company recorded EPS of ($0.46). Sell-side analysts expect Butterfly Network to post -1.14 EPS for the current fiscal year.
Separately, insider Darius Shahida sold 16,430 shares of the company in a trade dated Thursday, March 17. The stock was sold at an average price of $5.39, for a total value of $88,557.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, insider Stacey Pugh sold 16,122 shares of the company in a trade dated Wednesday, February 16. The shares were sold at an average price of $5.95, for a total value of $95,925.90. The disclosure of this sale can be found here. During the last quarter, insiders sold 52,498 shares of the company worth $301,332.
Several hedge funds and other institutional investors have recently changed their positions in BFLY. Geode Capital Management LLC increased its position in shares of Butterfly Network by 93.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,605,819 shares of the company valued at $27,204,000 after purchasing an additional 1,257,160 shares during the period. Cetera Investment Advisers increased its position in Butterfly Network by 305.3% in the 4th quarter. Cetera Investment Advisers now owns 909,420 shares of the company worth $6,084,000 after acquiring an additional 685,045 shares during the period. Legal & General Group Plc increased its position in Butterfly Network by 81.4% during the 4th quarter. Legal & General Group Plc now owns 1,176,515 shares in the company worth $7,871,000 after acquiring an additional 527,988 shares during the period. ARK Investment Management LLC increased its position in Butterfly Network by 5.9% during the 4th quarter. ARK Investment Management LLC now owns 7,616,514 shares of the company worth $50,954,000 after acquiring an additional 425,698 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Butterfly Network by 185.1% in the third quarter. Bank of New York Mellon Corp now owns 630,385 shares of the company worth $6,581,000 after acquiring an additional 409,273 shares during the period. 61.04% of the shares are held by hedge funds and other institutional investors.
About the Butterfly Network (Get a rating)
Butterfly Network, Inc, a digital health company, develops, manufactures and markets ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a portable, single-probe whole-body ultrasound system; Butterfly iQ+, a point-of-care ultrasound imaging device that connects to a smartphone, tablet and hospital computer system; and Butterfly Blueprint, a system-wide ultrasound platform with Compass software that integrates with the clinical and administrative infrastructure of a healthcare system.
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