A share of Butterfly Network Inc. (NYSE:BFLY) closed at $1.87 per share on Monday, down from $1.88 day before. While Butterfly Network Inc. has underperformed by -0.53%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, BFLY fell by -60.71%, with highs and lows ranging from $8.72 to $1.62, whereas the simple moving average fell by -49.72% in the last 200 days.
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On March 29, 2023, UBS started tracking Butterfly Network Inc. (NYSE: BFLY) recommending Neutral. A report published by Oppenheimer on November 29, 2022, Initiated its previous ‘Outperform’ rating for BFLY. B. Riley Securities also rated BFLY shares as ‘Buy’, setting a target price of $9.50 on the company’s shares in an initiating report dated October 04, 2022. UBS Initiated an Neutral rating on December 17, 2021, and assigned a price target of $7. Cowen initiated its ‘Outperform’ rating for BFLY, as published in its report on June 21, 2021.
Analysis of Butterfly Network Inc. (BFLY)
Butterfly Network Inc.’s future performance can be predicted by a variety of well-rounded types of analysis and research, with equity being one of the most crucial ones. The goal here is to ensure that your current return on equity of -46.00% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 5.80, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can be an extremely valuable indicator of volatility, and BFLY is registering an average volume of 1.76M. Furthermore, long-term investors anticipate a median target price of $5.06, showing growth from the present price of $1.87, which can serve as yet another indication of whether BFLY is worth investing in or should be passed over.
How Do You Analyze Butterfly Network Inc. Shares?
Besides checking the fundamentals, you should also know how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 2.50%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 51.80% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in BFLY shares?
The recent increase in stakes in BFLY appears to be a result of several institutional investors and hedge funds increasing their positions. Glenview Capital Management LLC’s position in BFLY has increased by 187.22% in the first quarter. The company now owns 15,695,821 shares of the stock, with a value of $38.61 million, following the purchase of 10,231,070 additional shares during the last quarter. The Vanguard Group, Inc. made another increased to its shares in BFLY during the first quarter, upping its stake by 4.86%. During the last quarter, the company dropped down 550,097 additional shares for a total stake of worth $29.19 million, bringing number of shares owned by the company to 11,867,770.
During the first quarter, ARK Investment Management LLC subtracted a -840,439 position in BFLY. BlackRock Fund Advisors purchased an additional 0.53 million shares in the last quarter, increasing its holdings by 5.86%, now holding 9.55 million shares worth $23.5 million. At the end of the first quarter, SSgA Funds Management, Inc. increased its BFLY holdings by 33.50% and now holds 5.49 million BFLY shares valued at $13.5 million with the added 1.38 million shares during the period. BFLY shares are owned by institutional investors to the tune of 51.80% at present.
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