Butterfly Network (NYSE:BFLY) Sets New 1-Year High – Here’s Why

Butterfly Network, Inc. (NYSE:BFLY)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $4.02 and last traded at $4.01, with a volume of 2384961 shares traded. The stock had previously closed at $3.12.

Analyst Ratings Changes

Separately, Lake Street Capital initiated coverage on Butterfly Network in a research note on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price objective on the stock.

Butterfly Network Trading Up 2.3 %

The firm has a market cap of $865.03 million, a PE ratio of -8.83 and a beta of 2.46. The stock’s 50 day moving average price is $3.01 and its 200 day moving average price is $1.91.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The company had revenue of $20.56 million for the quarter, compared to analyst estimates of $19.12 million. During the same period last year, the company posted ($0.13) earnings per share. Analysts forecast that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $502,081.74. Following the completion of the transaction, the insider now directly owns 1,835,921 shares of the company’s stock, valued at $5,617,918.26. This represents a 8.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the sale, the chief financial officer now directly owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors have recently made changes to their positions in BFLY. Barclays PLC increased its position in shares of Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after purchasing an additional 25,011 shares during the last quarter. Geode Capital Management LLC increased its holdings in Butterfly Network by 4.0% in the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after buying an additional 65,425 shares during the last quarter. XTX Topco Ltd raised its stake in Butterfly Network by 169.7% during the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after buying an additional 226,781 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new position in Butterfly Network during the 3rd quarter worth approximately $44,000. Finally, Verition Fund Management LLC acquired a new position in shares of Butterfly Network in the 3rd quarter worth approximately $57,000. 37.85% of the stock is owned by institutional investors and hedge funds.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.