Butterfly Network (NYSE:BFLY) Hits New 1-Year High – What’s Next?

Shares of Butterfly Network, Inc. (NYSE:BFLYGet Free Report) reached a new 52-week high on Thursday . The stock traded as high as $4.02 and last traded at $4.01, with a volume of 2384961 shares traded. The stock had previously closed at $3.12.

Wall Street Analyst Weigh In

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

Get Our Latest Analysis on BFLY

Butterfly Network Stock Up 28.5 %

The business’s 50-day moving average is $2.89 and its two-hundred day moving average is $1.86. The company has a market capitalization of $854.38 million, a P/E ratio of -8.72 and a beta of 2.46.

Butterfly Network (NYSE:BFLYGet Free Report) last posted 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. The business had revenue of $20.56 million during the quarter, compared to the consensus estimate 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 company posted ($0.13) earnings per share. Analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, 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 transaction of $92,216.16. Following the sale, the chief financial officer now directly owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $502,081.74. Following the sale, the insider now owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 27.28% of the company’s stock.

Institutional Trading of Butterfly Network

Institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Butterfly Network by 4.0% in the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock worth $3,049,000 after purchasing an additional 65,425 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Butterfly Network by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock valued at $1,691,000 after acquiring an additional 35,800 shares in the last quarter. XTX Topco Ltd boosted its position in shares of Butterfly Network by 169.7% during the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after acquiring an additional 226,781 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Butterfly Network by 46.5% during the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after purchasing an additional 108,944 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of Butterfly Network by 353.7% in the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after purchasing an additional 248,201 shares during the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Company Profile

(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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