Butterfly Network (NYSE:BFLY) Sees Large Volume Increase – Time to Buy?

Butterfly Network, Inc. (NYSE:BFLY) shares saw unusually-high trading volume on Monday . 6,027,158 shares were traded during mid-day trading, an increase of 0% from the previous session’s volume of 6,015,589 shares.The stock last traded at $8.2650 and had previously closed at $8.90.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Loop Capital set a $5.50 price target on Butterfly Network in a research report on Monday, March 2nd. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Finally, TD Cowen increased their target price on Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Trading Up 5.8%

The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of -25.63 and a beta of 2.22. The stock’s 50 day moving average is $5.06 and its two-hundred day moving average is $4.23.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. On average, research analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Transactions at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.66, for a total value of $1,373,208.80. Following the sale, the insider owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds have recently made changes to their positions in the business. Invesco Ltd. acquired a new position in Butterfly Network during the first quarter worth $85,000. Goldman Sachs Group Inc. lifted its position in Butterfly Network by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after buying an additional 29,958 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Butterfly Network by 9,055.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock worth $184,000 after buying an additional 91,012 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Butterfly Network by 136.5% during the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after buying an additional 119,455 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in shares of Butterfly Network during the 2nd quarter worth about $475,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Company Profile

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.