Butterfly Network (NYSE:BFLY) Reaches New 52-Week High – Here’s Why

by · The Markets Daily

Shares of Butterfly Network, Inc. (NYSE:BFLY – Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $2.38 and last traded at $2.37, with a volume of 5110359 shares trading hands. The stock had previously closed at $2.04.

Analyst Ratings Changes

Separately, Lake Street Capital initiated coverage on shares of Butterfly Network in a research note on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price objective on the stock.

View Our Latest Analysis on BFLY

Butterfly Network Price Performance

The company has a 50 day moving average price of $1.77 and a 200 day moving average price of $1.25. The firm has a market cap of $522.00 million, a PE ratio of -5.33 and a beta of 2.17.

Butterfly Network (NYSE:BFLY – Get Free Report) last released its earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. The company 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 quarter last year, the business earned ($0.13) EPS. On average, equities analysts anticipate that Butterfly Network, Inc. will post -0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Larry Robbins purchased 244,774 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the acquisition, the director now directly owns 9,955,144 shares in the company, valued at approximately $10,652,004.08. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hartline Investment Corp increased its stake in Butterfly Network by 87.0% in the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after purchasing an additional 10,000 shares during the last quarter. Cannon Global Investment Management LLC purchased a new stake in Butterfly Network in the third quarter valued at approximately $100,000. Point72 DIFC Ltd raised its stake in 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. Procyon Advisors LLC boosted its holdings in shares of Butterfly Network by 7.3% in the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock valued at $145,000 after purchasing an additional 5,600 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in shares of 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. Hedge funds and other institutional investors own 37.85% of the company’s stock.

About Butterfly Network

(Get Free Report)

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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