Butterfly Network (NYSE:BFLY) Hits New 12-Month High – Still a Buy?

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

Analyst Upgrades and Downgrades

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

Butterfly Network Stock Up 15.5 %

The company has a market cap of $649.83 million, a price-to-earnings ratio of -6.22 and a beta of 2.17. The company’s 50-day moving average is $1.96 and its 200 day moving average is $1.36.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $20.56 million for 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 period in the previous year, the firm earned ($0.13) earnings per share. Analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In related news, Director Larry Robbins bought 244,774 shares of the stock in a transaction on Friday, August 30th. The shares were bought at an average cost of $1.07 per share, for a total transaction of $261,908.18. Following the purchase, the director now owns 9,955,144 shares of the company’s stock, valued at $10,652,004.08. This trade represents a 2.52 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Procyon Advisors LLC boosted its position in shares of Butterfly Network by 7.3% during the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock worth $145,000 after purchasing an additional 5,600 shares in the last quarter. Hartline Investment Corp raised its holdings in 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 last quarter. Quent Capital LLC raised its position in Butterfly Network by 25.6% during the third quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock worth $173,000 after acquiring an additional 20,000 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in Butterfly Network in the 3rd quarter valued at approximately $44,000. Finally, 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 buying an additional 25,011 shares in the last quarter. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.