Butterfly Network, Inc. $BFLY Shares Acquired by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC grew its stake in Butterfly Network, Inc. (NYSE:BFLY) by 182.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 413,317 shares of the company’s stock after purchasing an additional 267,238 shares during the period. Palumbo Wealth Management LLC’s holdings in Butterfly Network were worth $1,571,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. acquired a new position in shares of Butterfly Network in the third quarter valued at approximately $25,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Butterfly Network in the third quarter valued at approximately $32,000. BNP Paribas Financial Markets increased its holdings in shares of Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after purchasing an additional 14,244 shares during the period. Wisconsin Wealth Advisors LLC acquired a new position in shares of Butterfly Network in the fourth quarter valued at approximately $38,000. Finally, Prudential Financial Inc. acquired a new position in shares of Butterfly Network in the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Price Performance

Butterfly Network stock opened at $4.04 on Wednesday. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $5.03. The company has a market cap of $1.03 billion, a PE ratio of -13.03 and a beta of 2.21. The stock’s 50 day moving average price is $3.72 and its 200 day moving average price is $3.25.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%.The firm had revenue of $31.51 million for the quarter, compared to the consensus estimate of $26.25 million. On average, equities research analysts anticipate that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Lake Street Capital boosted their target price on Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a report on Tuesday, January 20th. Craig Hallum restated a “buy” rating and issued a $5.25 price target on shares of Butterfly Network in a research note on Wednesday, January 21st. TD Cowen lifted their price target on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Loop Capital set a $5.50 price target on Butterfly Network in a research note on Monday, March 2nd. Finally, Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $5.56.

Insider Buying and Selling

In other Butterfly Network news, Director Jonathan M. Rothberg sold 335,834 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $4.18, for a total transaction of $1,403,786.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 25.18% 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.