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

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $4.71 and last traded at $4.60, with a volume of 12008672 shares traded. The stock had previously closed at $3.96.

Butterfly Network Trading Down 1.5 %

The business has a 50 day moving average price of $3.65 and a 200-day moving average price of $2.41. The firm has a market capitalization of $923.62 million, a PE ratio of -9.42 and a beta of 2.47.

Insider Buying and Selling at Butterfly Network

In related news, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction on Friday, December 20th. The stock was 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 directly owns 1,835,921 shares of the company's stock, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Heather C. Getz sold 30,136 shares of the business's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the sale, the chief financial officer now owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. The trade was 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 corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in shares of Butterfly Network in the fourth quarter valued at approximately $3,154,000. Marshall Wace LLP grew its holdings in Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company's stock valued at $267,000 after buying an additional 248,201 shares during the last quarter. XTX Topco Ltd increased its position in Butterfly Network by 169.7% during the third quarter. XTX Topco Ltd now owns 360,392 shares of the company's stock worth $638,000 after buying an additional 226,781 shares in the last quarter. AMH Equity Ltd purchased a new position in Butterfly Network during the fourth quarter worth $624,000. Finally, Calamos Advisors LLC acquired a new position in shares of Butterfly Network in the fourth quarter worth $525,000. 37.85% of the stock is currently owned by hedge funds and other 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.