Butterfly Network (NYSE:BFLY) Hits New 12-Month High – Here’s Why

Shares of Butterfly Network, Inc. (NYSE:BFLY) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $5.03 and last traded at $4.9660, with a volume of 12826920 shares changing hands. The stock had previously closed at $4.40.

Analyst Ratings Changes

Several analysts have weighed in on BFLY shares. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Loop Capital set a $5.00 price objective on shares of Butterfly Network in a research report on Wednesday, December 31st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.67.

Butterfly Network Stock Performance

The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -15.05 and a beta of 2.27. The stock’s fifty day moving average is $3.24 and its two-hundred day moving average is $2.36.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. The firm had revenue of $21.49 million during the quarter, compared to analyst estimates of $21.23 million. Sell-side analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Activity at Butterfly Network

In other news, EVP John N. Doherty sold 60,182 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $3.98, for a total transaction of $239,524.36. Following the transaction, the executive vice president directly owned 1,234,688 shares of the company’s stock, valued at approximately $4,914,058.24. This trade represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan M. Rothberg sold 335,834 shares of Butterfly Network stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $4.18, for a total transaction of $1,403,786.12. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,298,684 shares of company stock worth $24,281,944 in the last three months. 25.18% of the stock is owned by company insiders.

Institutional Trading of Butterfly Network

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in shares of Butterfly Network by 114.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after buying an additional 2,317,882 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Butterfly Network by 44.7% during the second quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock worth $4,624,000 after acquiring an additional 714,764 shares during the period. Blair William & Co. IL grew its holdings in Butterfly Network by 14.5% during the second quarter. Blair William & Co. IL now owns 118,500 shares of the company’s stock worth $237,000 after acquiring an additional 15,000 shares during the period. DNB Asset Management AS raised its position in Butterfly Network by 145.0% in the second quarter. DNB Asset Management AS now owns 281,715 shares of the company’s stock worth $563,000 after acquiring an additional 166,749 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new stake in Butterfly Network in the 2nd quarter valued at about $72,000. 37.85% of the stock is currently owned by institutional investors.

Butterfly Network Company 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.