Butterfly Network Inc. (NYSE: BFLY) stock fell -11.18% on Monday to $1.51 against a previous-day closing price of $1.70. With 2.98 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.8 million shares. During the session, the Medical Devices company that operates in wider Healthcare sector, reached to the highest price of $1.6900 whereas the lowest price it dropped to was $1.5100. The 52-week range on BFLY shows that it touched its highest point at $5.89 and its lowest point at $1.61 during that stretch. It currently has a 1-year price target of $3.50. Beta for the stock currently stands at 1.75.
Top 5 EV Tech Stocks to Buy for 2023
The electric vehicle boom is accelerating – and fast. According a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now. Get our free report, "Top 5 EV Tech Stocks to Buy for 2023".
Click Here to Download the FREE Report.
Sponsored
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of BFLY was down-trending over the past week, with a drop of -17.03%, but this was down by -15.17% over a month. Three-month performance dropped to -35.47% while six-month performance fell -23.74%. The stock lost -74.96% in the past year, while it has lost -38.62% so far this year. A look at the trailing 12-month EPS for BFLY yields -0.77 with Next year EPS estimates of -0.53. For the next quarter, that number is -0.14. This implies an EPS growth rate of -352.80% for this year and 11.70% for next year.
Float and Shares Shorts:
At present, 178.47 million BFLY shares are outstanding with a float of 157.48 million shares on hand for trading. On Aug 30, 2023, short shares totaled 23.74 million, which was 11.49% higher than short shares on Jul 30, 2023. In addition to Dr. Jonathan M. Rothberg Ph.D. as the firm’s Founder & Director, Ms. Heather C. Getz CPA, CPA, M.B.A. serves as its Exec. VP, CFO & COO.
Institutional Ownership:
Through their ownership of 45.98% of BFLY’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 26.38% of BFLY, in contrast to 22.77% held by mutual funds. Shares owned by individuals account for 15.76%. As the largest shareholder in BFLY with 7.08% of the stake, ARK Investment Management LLC holds 12,749,251 shares worth 12,749,251. A second-largest stockholder of BFLY, The Vanguard Group, Inc., holds 12,717,148 shares, controlling over 7.06% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in BFLY, holding 9,929,272 shares or 5.51% stake. With a 7.11% stake in BFLY, the ARK Genomic Revolution ETF is the largest stakeholder. A total of 12,811,131 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.28% of BFLY stock, is the second-largest Mutual Fund holder. It holds 4,113,565 shares valued at 7.28 million. Vanguard Small Cap Index Fund holds 1.94% of the stake in BFLY, owning 3,492,889 shares worth 6.18 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, BFLY reported revenue of $19.21M and operating income of -$48.45M. The EBITDA in the recently reported quarter was -$47.23M and diluted EPS was -$0.18.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for BFLY since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With BFLY analysts setting a high price target of $4.00 and a low target of $2.25, the average target price over the next 12 months is $3.50. Based on these targets, BFLY could surge 164.9% to reach the target high and rise by 49.01% to reach the target low. Reaching the average price target will result in a growth of 131.79% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded BFLY stock several times over the past three months with 9 Buys and 5 Sells. In these transactions, 726,312 shares were bought while 143,914 shares were sold. The number of buy transactions has increased to 17 while that of sell transactions has risen to 17 over the past year. The total number of shares bought during that period was 6,927,312 while 373,299 shares were sold.
