Butterfly Network (NYSE:BFLY) Hits New 1-Year High - Here's Why

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $2.84 and last traded at $2.84, with a volume of 374767 shares traded. The stock had previously closed at $2.62.

Analyst Upgrades and Downgrades

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

Butterfly Network Trading Up 4.2 %

The stock has a market capitalization of $581.66 million, a P/E ratio of -6.28 and a beta of 2.17. The company has a 50-day moving average price of $1.82 and a 200 day moving average price of $1.28.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued 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. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The firm had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. During the same quarter in the previous year, the firm earned ($0.13) EPS. As a group, research analysts expect that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, Director Larry Robbins purchased 244,774 shares of the firm's stock in a transaction on Friday, August 30th. The stock was bought at an average cost of $1.07 per share, for a total transaction of $261,908.18. Following the completion of the purchase, the director now owns 9,955,144 shares in the company, valued at $10,652,004.08. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 27.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Butterfly Network by 15.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 421,296 shares of the company's stock worth $455,000 after acquiring an additional 55,892 shares during the period. GSA Capital Partners LLP grew its holdings in Butterfly Network by 3.0% during the first quarter. GSA Capital Partners LLP now owns 559,008 shares of the company's stock worth $604,000 after acquiring an additional 16,496 shares during the period. Oppenheimer & Co. Inc. grew its holdings in 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 acquiring an additional 75,480 shares during the period. Vanguard Group Inc. grew its holdings in Butterfly Network by 2.9% during the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company's stock worth $8,516,000 after acquiring an additional 218,720 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc grew its holdings in Butterfly Network by 42.9% during the first quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company's stock worth $108,000 after acquiring an additional 30,000 shares during the period. 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.