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

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price reached a new 52-week high during trading 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.

Analysts Set New Price Targets

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

Butterfly Network Price Performance

The firm has a market cap of $520.80 million, a price-to-earnings ratio of -5.33 and a beta of 2.17. The business has a fifty day simple moving average of $1.70 and a 200 day simple moving average of $1.23.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 41.42% and a negative net margin of 129.25%. The company had revenue of $20.56 million during the quarter, compared to analysts' expectations of $19.12 million. During the same period last year, the firm earned ($0.13) EPS. On average, research analysts anticipate that Butterfly Network, Inc. will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In related news, CEO Joseph Devivo purchased 104,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average price of $0.95 per share, for a total transaction of $98,800.00. Following the transaction, the chief executive officer now directly owns 7,009,221 shares of the company's stock, valued at $6,658,759.95. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Butterfly Network news, Director Larry Robbins acquired 244,774 shares of the business's stock in a transaction dated Friday, August 30th. The shares were acquired at an average price of $1.07 per share, with a total value of $261,908.18. Following the completion of the transaction, 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 position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph Devivo acquired 104,000 shares of Butterfly Network stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $0.95 per share, with a total value of $98,800.00. Following the completion of the transaction, the chief executive officer now owns 7,009,221 shares of the company's stock, valued at approximately $6,658,759.95. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 27.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently modified their holdings of the company. Point72 DIFC Ltd boosted its holdings in shares of Butterfly Network by 1,271.4% during 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 shares of Butterfly Network in the 2nd quarter worth about $90,000. Oppenheimer & Co. Inc. increased its stake in Butterfly Network by 645.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company's stock worth $94,000 after buying an additional 75,480 shares during the period. Cannon Global Investment Management LLC purchased a new stake in shares of Butterfly Network in the 3rd quarter worth approximately $100,000. Finally, Texas Capital Bank Wealth Management Services Inc raised its position in shares of Butterfly Network by 42.9% in 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 currently owned by institutional investors.

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.

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