Butterfly Network (NASDAQ:BFLY) Shares Up 7.5%

Butterfly Network, Inc. (NASDAQ:BFLYGet Rating) shot up 7.5% during mid-day trading on Friday . The company traded as high as $3.16 and last traded at $3.16. 8,468 shares were traded during mid-day trading, a decline of 100% from the average session volume of 1,987,168 shares. The stock had previously closed at $2.94.

Separately, Cowen dropped their price target on shares of Butterfly Network from $12.00 to $7.00 in a research report on Wednesday, May 11th.

The stock’s 50-day moving average price is $3.39 and its 200-day moving average price is $5.00.

Butterfly Network (NASDAQ:BFLYGet Rating) last released its earnings results on Thursday, May 5th. The company reported ($0.22) earnings per share (EPS) for the quarter. Butterfly Network had a negative net margin of 115.98% and a negative return on equity of 24.95%. The company had revenue of $15.57 million for the quarter. During the same quarter in the previous year, the firm earned ($0.46) EPS. As a group, equities research analysts forecast that Butterfly Network, Inc. will post -1.12 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in BFLY. Invesco Ltd. bought a new stake in Butterfly Network during the 2nd quarter valued at $257,000. Citigroup Inc. lifted its holdings in Butterfly Network by 566.5% during the third quarter. Citigroup Inc. now owns 22,427 shares of the company’s stock valued at $234,000 after purchasing an additional 19,062 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Butterfly Network by 99.2% during the third quarter. Goldman Sachs Group Inc. now owns 53,988 shares of the company’s stock valued at $563,000 after purchasing an additional 26,888 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Butterfly Network by 413.7% during the third quarter. The Manufacturers Life Insurance Company now owns 90,421 shares of the company’s stock valued at $944,000 after purchasing an additional 72,818 shares during the last quarter. Finally, Voya Investment Management LLC lifted its holdings in Butterfly Network by 465.2% during the third quarter. Voya Investment Management LLC now owns 70,214 shares of the company’s stock valued at $733,000 after purchasing an additional 57,792 shares during the last quarter. Institutional investors and hedge funds own 61.04% of the company’s stock.

About Butterfly Network (NASDAQ:BFLY)

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.

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