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

Butterfly Network, Inc. (NYSE:BFLY) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $9.59 and last traded at $9.2830, with a volume of 1484463 shares traded. The stock had previously closed at $8.89.

Analysts Set New Price Targets

A number of analysts have weighed in on BFLY shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Butterfly Network presently has a consensus rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Stock Performance

The firm has a market cap of $2.35 billion, a P/E ratio of -30.77 and a beta of 2.22. The firm has a fifty day moving average of $5.28 and a 200-day moving average of $4.34.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. Equities research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80. Following the sale, the insider directly owned 1,630,407 shares in the company, valued at $7,597,696.62. This trade represents a 15.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 21.99% of the stock is currently owned by company insiders.

Institutional Trading of Butterfly Network

Several hedge funds have recently added to or reduced their stakes in BFLY. Invesco Ltd. bought a new stake in shares of Butterfly Network during the first quarter valued at about $85,000. Goldman Sachs Group Inc. boosted its position in shares of Butterfly Network by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after purchasing an additional 29,958 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Butterfly Network by 9,055.9% during the second quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after acquiring an additional 91,012 shares during the period. Legal & General Group Plc raised its stake in Butterfly Network by 136.5% during the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after purchasing an additional 119,455 shares during the period. Finally, Rhumbline Advisers acquired a new position in Butterfly Network during the second quarter valued at $475,000. Institutional investors own 37.85% of the company’s stock.

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.