Butterfly Network (NYSE:BFLY) Sees Unusually-High Trading Volume – Here’s Why

Shares of Butterfly Network, Inc. (NYSE:BFLY) saw unusually-high trading volume on Monday . 6,027,158 shares changed hands during 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.

Analyst Upgrades and Downgrades

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

Butterfly Network Stock Performance

The stock has a market cap of $1.78 billion, a P/E ratio of -23.13 and a beta of 2.22. The firm’s fifty day simple moving average is $4.93 and its 200-day simple moving average is $4.17.

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

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the completion of the sale, the insider directly owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 21.99% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several large investors have recently added to or reduced their stakes in BFLY. KBC Group NV acquired a new position in Butterfly Network in the first quarter valued at approximately $25,000. Ameriprise Financial Inc. acquired a new stake in shares of Butterfly Network during the 3rd quarter worth approximately $25,000. BNP Paribas Financial Markets increased its stake in shares of Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after acquiring an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC bought a new stake in shares of Butterfly Network in the 4th quarter valued at $38,000. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Butterfly Network during the 4th quarter valued at $38,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.