Butterfly Network (NYSE:BFLY) Reaches New 1-Year High – Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $3.09 and last traded at $3.09, with a volume of 3102642 shares trading hands. The stock had previously closed at $2.64.

Analyst Upgrades and Downgrades

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

Butterfly Network Stock Down 0.7 %

The company has a market cap of $702.10 million, a PE ratio of -7.67 and a beta of 2.17. The firm’s fifty day simple moving average is $2.01 and its 200-day simple moving average is $1.39.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results 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 net margin of 129.25% and a negative return on equity of 42.68%. The company had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. During the same quarter last year, the firm posted ($0.13) earnings per share. On average, analysts predict that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Larry Robbins bought 244,774 shares of the stock in a transaction on Friday, August 30th. The shares were purchased at an average price of $1.07 per share, with a total value of $261,908.18. Following the purchase, the director now owns 9,955,144 shares in the company, valued at approximately $10,652,004.08. This represents a 2.52 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 27.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently made changes to their positions in the business. Hartline Investment Corp boosted its holdings 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 worth $38,000 after purchasing an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC acquired a new stake in shares of Butterfly Network in the third quarter worth $44,000. Barclays PLC increased its position in Butterfly Network by 27,790.0% during the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after acquiring an additional 25,011 shares during the period. Verition Fund Management LLC bought a new position in Butterfly Network during the third quarter worth $57,000. Finally, Cannon Global Investment Management LLC bought a new stake in Butterfly Network in the 3rd quarter valued at $100,000. Institutional investors and hedge funds 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.