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

Butterfly Network, Inc. (NYSE:BFLY) reached a new 52-week high on Monday . The company traded as high as $9.59 and last traded at $9.2830, with a volume of 1484463 shares. The stock had previously closed at $8.89.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research note on Monday, March 2nd. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Butterfly Network currently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Price Performance

The stock has a market cap of $2.35 billion, a PE ratio of -30.77 and a beta of 2.22. The business has a fifty day moving average of $5.28 and a 200 day moving average of $4.34.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The company had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. On average, equities research analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Buying and Selling

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the completion of the transaction, the insider directly owned 1,630,407 shares of the company’s stock, valued at $7,597,696.62. This trade represents a 15.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 21.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in Butterfly Network by 24.0% during the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after buying an additional 2,753 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Butterfly Network by 25.4% in the 4th quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock worth $58,000 after acquiring an additional 3,098 shares in the last quarter. Opal Wealth Advisors LLC increased its holdings in shares of Butterfly Network by 10.1% in the 4th quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock valued at $139,000 after acquiring an additional 3,355 shares during the last quarter. Kestra Private Wealth Services LLC increased its holdings in shares of Butterfly Network by 11.0% in the 4th quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock valued at $211,000 after acquiring an additional 5,500 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Butterfly Network by 59.1% during the 1st quarter. SG Americas Securities LLC now owns 16,597 shares of the company’s stock valued at $67,000 after acquiring an additional 6,164 shares in the last quarter. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

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.