Butterfly Network (NYSE:BFLY) Reaches New 12-Month High – What’s Next?

Shares of Butterfly Network, Inc. (NYSE:BFLY) hit a new 52-week high on Tuesday . The company traded as high as $2.38 and last traded at $2.37, with a volume of 5110359 shares changing hands. The stock had previously closed at $2.04.

Analyst Ratings Changes

Separately, Lake Street Capital initiated coverage on shares of Butterfly Network in a report on Tuesday, September 10th. They set a “buy” rating and a $3.00 target price on the stock.

Butterfly Network Trading Down 4.7 %

The firm has a 50-day moving average of $1.77 and a 200 day moving average of $1.25. The stock has a market capitalization of $522.00 million, a price-to-earnings ratio of -5.33 and a beta of 2.17.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The business had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, research analysts forecast that Butterfly Network, Inc. will post -0.37 EPS for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, Director Larry Robbins acquired 244,774 shares of the stock in a transaction on Friday, August 30th. The stock was purchased at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the purchase, the director now directly owns 9,955,144 shares in the company, valued at $10,652,004.08. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BFLY. Hartline Investment Corp grew its position in shares of Butterfly Network by 87.0% in the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after acquiring an additional 10,000 shares in the last quarter. Point72 DIFC Ltd boosted its holdings in Butterfly Network by 1,271.4% in the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock worth $65,000 after purchasing an additional 71,773 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Butterfly Network during the second quarter valued at $90,000. Oppenheimer & Co. Inc. raised its holdings in shares of Butterfly Network by 645.1% during the first quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company’s stock worth $94,000 after purchasing an additional 75,480 shares during the period. Finally, Cannon Global Investment Management LLC bought a new position in shares of Butterfly Network in the 3rd quarter worth about $100,000. 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.