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

Key Points

• Palumbo Wealth Management increased its position in Butterfly Network by 182.9%, adding 267,238 shares to hold 413,317 shares (about 0.16% of the company) valued at roughly $1.57M, and institutional investors now own 37.85% of the stock.
• Analysts show mixed sentiment with an average rating of "Hold" and an average target of $5.56, though several firms recently raised targets to the $5.50–$6.00 range (three Buys, two Holds, one Sell).
• Butterfly beat last quarter's estimates (EPS -$0.02 vs -$0.04; revenue $31.51M vs $26.25M); the stock trades near $4.04, with a market cap of about $1.03B and a 52‑week range of $1.32–$5.03.

Palumbo Wealth Management LLC lifted its holdings in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 182.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 413,317 shares of the company's stock after acquiring an additional 267,238 shares during the period. Palumbo Wealth Management LLC owned 0.16% of Butterfly Network worth $1,571,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wisconsin Wealth Advisors LLC acquired a new stake in shares of Butterfly Network during the 4th quarter worth about $38,000. Ameriprise Financial Inc. acquired a new stake in shares of Butterfly Network during the 3rd quarter worth about $25,000. BNP Paribas Financial Markets raised its position in shares of Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock worth $33,000 after acquiring an additional 14,244 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Butterfly Network during the 3rd quarter worth about $32,000. Finally, Prudential Financial Inc. acquired a new stake in shares of Butterfly Network during the 2nd quarter worth about $40,000. Institutional investors and hedge funds own 37.85% of the company's stock.

Analysts Set New Price Targets

BFLY has been the topic of several research analyst reports. Loop Capital set a $5.50 target price on Butterfly Network in a research report on Monday, March 2nd. Zacks Research raised Butterfly Network from a "strong sell" rating to a "hold" rating in a research report on Friday, March 27th. TD Cowen lifted their price target on Butterfly Network from $4.50 to $6.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Lake Street Capital lifted their price target on Butterfly Network from $4.00 to $5.50 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Finally, Craig Hallum reaffirmed a "buy" rating and set a $5.25 price target on shares of Butterfly Network in a research report on Wednesday, January 21st. Three research 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. According to MarketBeat, Butterfly Network has an average rating of "Hold" and an average target price of $5.56.

Butterfly Network Stock Down 2.2%

BFLY opened at $4.04 on Wednesday. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -13.03 and a beta of 2.21. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $5.03. The business's 50 day moving average is $3.72 and its two-hundred day moving average is $3.25.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $31.51 million for the quarter, compared to analyst estimates of $26.25 million. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%. Equities analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Activity

In other news, Director Jonathan M. Rothberg sold 335,834 shares of the business's stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $4.18, for a total value of $1,403,786.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 25.18% of the company's stock.

Butterfly Network 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.

Want to see what other hedge funds are holding BFLY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Butterfly Network, Inc. (NYSE:BFLY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.