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

Butterfly Network, Inc. (NYSE:BFLY) reached a new 52-week high during trading on Thursday . The stock traded as high as $5.03 and last traded at $4.9660, with a volume of 12826920 shares changing hands. The stock had previously closed at $4.40.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Loop Capital set a $5.00 price objective on shares of Butterfly Network in a research note on Wednesday, December 31st. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $3.67.

Butterfly Network Price Performance

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -15.05 and a beta of 2.27. The business’s 50-day moving average price is $3.24 and its 200 day moving average price is $2.36.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. The business had revenue of $21.49 million during the quarter, compared to analyst estimates of $21.23 million. As a group, sell-side analysts expect that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, EVP John N. Doherty sold 60,182 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $3.98, for a total value of $239,524.36. Following the transaction, the executive vice president directly owned 1,234,688 shares of the company’s stock, valued at $4,914,058.24. This represents a 4.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jonathan M. Rothberg sold 335,834 shares of the stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $4.18, for a total value of $1,403,786.12. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 7,298,684 shares of company stock valued at $24,281,944. 25.18% of the stock is currently owned by insiders.

Institutional Trading of Butterfly Network

Several institutional investors have recently added to or reduced their stakes in BFLY. Vanguard Group Inc. grew its holdings in Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after acquiring an additional 453,258 shares in the last quarter. Hood River Capital Management LLC increased its holdings in Butterfly Network by 3.6% in the second quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock valued at $10,255,000 after buying an additional 176,515 shares during the last quarter. Geode Capital Management LLC raised its stake in Butterfly Network by 114.7% during the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock valued at $8,680,000 after buying an additional 2,317,882 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Butterfly Network by 44.7% during the 2nd quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock worth $4,624,000 after buying an additional 714,764 shares during the last quarter. Finally, Raymond James Financial Inc. grew its position in shares of Butterfly Network by 10.1% in the 2nd quarter. Raymond James Financial Inc. now owns 1,218,878 shares of the company’s stock worth $2,438,000 after acquiring an additional 111,699 shares in the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

About Butterfly Network

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.