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

Butterfly Network, Inc. (NYSE:BFLY)’s stock price hit a new 52-week high 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.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital started 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.

Butterfly Network Stock Up 15.5 %

The firm has a 50-day simple moving average of $1.96 and a 200-day simple moving average of $1.36. The stock has a market cap of $649.83 million, a PE ratio of -6.22 and a beta of 2.17.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results 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 firm 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 prior year, the firm posted ($0.13) earnings per share. On average, research analysts expect that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Butterfly Network

In related news, Director Larry Robbins purchased 244,774 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were purchased at an average price of $1.07 per share, with a total value of $261,908.18. Following the acquisition, the director now directly owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. This represents a 2.52 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 27.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Butterfly Network

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its position in Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Butterfly Network by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after purchasing an additional 65,425 shares during the last quarter. XTX Topco Ltd boosted its position in shares of Butterfly Network by 169.7% in 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 period. Kovitz Investment Group Partners LLC purchased a new stake in Butterfly Network in the 3rd quarter worth $44,000. Finally, Verition Fund Management LLC purchased a new stake in Butterfly Network in the 3rd quarter worth $57,000. Institutional investors own 37.85% of the company’s stock.

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.