Butterfly Network (NYSE:BFLY) Sets New 1-Year High - Still a Buy?

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

Analyst Upgrades and Downgrades

Separately, Lake Street Capital assumed coverage on Butterfly Network in a research note on Tuesday, September 10th. They issued a "buy" rating and a $3.00 target price for the company.

Butterfly Network Stock Up 27.2 %

The stock has a market capitalization of $845.86 million, a PE ratio of -8.63 and a beta of 2.46. The firm's fifty day moving average price is $2.92 and its two-hundred day moving average price is $1.87.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.01. The firm had revenue of $20.56 million during the quarter, compared to analysts' expectations of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same period in the prior year, the company posted ($0.13) earnings per share. As a group, analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the transaction, the insider now owns 1,835,921 shares in the company, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Heather C. Getz sold 30,136 shares of the business's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the sale, the chief financial officer now owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. This trade represents 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 owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently modified their holdings of BFLY. Procyon Advisors LLC raised its position in Butterfly Network by 7.3% in the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company's stock worth $145,000 after purchasing an additional 5,600 shares during the period. Hartline Investment Corp raised its stake in shares of Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company's stock valued at $38,000 after acquiring an additional 10,000 shares in the last quarter. Quent Capital LLC raised its position in Butterfly Network by 25.6% during the 3rd quarter. Quent Capital LLC now owns 98,000 shares of the company's stock valued at $173,000 after purchasing an additional 20,000 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in shares of Butterfly Network in the 3rd quarter worth $44,000. Finally, Barclays PLC grew its position in shares of Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company's stock worth $44,000 after buying an additional 25,011 shares in the last quarter. Institutional investors own 37.85% of the company's stock.

Butterfly Network Company Profile

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.