Butterfly Network (NYSE:BFLY) Reaches New 52-Week High – Still a Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $4.02 and last traded at $4.01, with a volume of 2384961 shares changing hands. The stock had previously closed at $3.12.

Analysts Set New Price Targets

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

Butterfly Network Stock Performance

The stock’s 50-day moving average price is $3.01 and its 200-day moving average price is $1.91. The company has a market capitalization of $865.03 million, a price-to-earnings ratio of -8.83 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The business had revenue of $20.56 million during the quarter, compared to analysts’ expectations of $19.12 million. During the same quarter last year, the business posted ($0.13) earnings per share. Analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Activity

In related news, insider Steve Cashman sold 164,079 shares of the business’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 completion of the transaction, the insider now owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Heather C. Getz sold 30,136 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the transaction, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. This represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 27.28% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP increased its stake in shares of Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after acquiring an additional 248,201 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its holdings in Butterfly Network by 1,045.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock valued at $216,000 after purchasing an additional 234,530 shares during the period. XTX Topco Ltd increased its position in Butterfly Network by 169.7% during the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after purchasing an additional 226,781 shares during the last quarter. Renaissance Technologies LLC raised its stake in 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 during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Butterfly Network in the 2nd quarter valued at $90,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

About Butterfly Network

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.