BlackRock Fund Advisors recently announced the acquisition of new stake in Butterfly Network Inc (NYSE:BFLY). The institutional investor has increased its shareholding in the Healthcare company by 0.12% to 9.94 million shares with purchase of 11919.0 shares. This fresh investment now brings its stake to 5.50% valued currently at $9.46 million. In addition, Geode Capital Management LLC raised its holdings by 88155.0 to 2.95 million shares. And Citadel Advisors LLC has lifted its position by 1,312.11% or 1.75 million shares – to 1.88 million shares.
With over 6.16 million Butterfly Network Inc (BFLY) shares trading Monday and a closing price of $1.22 on the day, the dollar volume was approximately $7.51 million. The shares have shown a negative half year performance of -46.02% and its price on 01/08/24 gained nearly 20.79%. Currently, there are 174.46M common shares owned by the public and among those 149.55M shares have been available to trade.
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Insiders at the company have transacted a total of 33 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 18 of these insider trades were purchases, accounting for 6,937,312 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 336,374 shares.
The top 3 mutual fund holders in Butterfly Network Inc are ARK Genomic Revolution ETF, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. ARK Genomic Revolution ETF owns 12.72 million shares of the company’s stock, all valued at over $12.11 million. iShares Russell 2000 ETF bought 1761.0 shares to bring its total holdings to over 3.58 million shares at a value of $3.41 million. iShares Russell 2000 ETF now owns shares totaling to 1.98% of the shares outstanding.
Shares of Butterfly Network Inc (NYSE: BFLY) opened at $1.085, up $0.07 from a prior closing price of $1.01. However, the script later moved the day high at 1.3150, up 20.79%. The company’s stock has a 5-day price change of 12.96% and 10.91% over the past three months. BFLY shares are trading 12.96% year to date (YTD), with the 12-month market performance down to -46.49% lower. It has a 12-month low price of $0.76 and touched a high of $3.22 over the same period. BFLY has an average intraday trading volume of 1.98 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 22.15%, 21.99%, and -28.56% respectively.
Institutional ownership of Butterfly Network Inc (NYSE: BFLY) shares accounts for 34.00% of the company’s 174.46M shares outstanding. Mutual fund holders own 21.62%, while other institutional holders and individual stakeholders account for 22.70% and 17.31% respectively.
It has a market capitalization of $252.69M and a beta (3y monthly) value of 1.96. The earnings-per-share (ttm) stands at -$0.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.22% over the week and 10.07% over the month.
Analysts forecast that Butterfly Network Inc (BFLY) will achieve an EPS of $Tidal Trust II for the current quarter, $19.31 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Tidal ETF Trust II YieldMax NFL while analysts give the company a high EPS estimate of $Bally’s Corporation. Comparatively, EPS for the current quarter was $Leafly Holdings, Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 33.65%, and 8.18% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Butterfly Network Inc (BFLY) as a “Strong Buy” at a consensus score of 1.67. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 1 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BFLY, a number of firms have released research notes about the stock. UBS stated their Neutral rating for the stock in a research note on March 29, 2023, with the firm’s price target at $2.25.
