Butterfly Network (NYSE:BFLY) Reaches New 1-Year High – Here’s Why

Butterfly Network, Inc. (NYSE:BFLY) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $5.84 and last traded at $5.8570, with a volume of 522958 shares. The stock had previously closed at $5.68.

Wall Street Analysts Forecast Growth

BFLY has been the topic of a number of recent analyst reports. Loop Capital set a $5.50 price target on shares of Butterfly Network in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, TD Cowen increased their price objective on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Butterfly Network has an average rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Stock Up 4.5%

The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of -19.78 and a beta of 2.22. The company’s 50-day moving average is $4.62 and its 200-day moving average is $4.02.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The business had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. Sell-side analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction dated 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 sale, the insider directly owned 1,630,407 shares in the company, valued at $7,597,696.62. This trade represents a 15.31% decrease in their ownership of the stock. 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 currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BFLY. KBC Group NV acquired a new position in shares of Butterfly Network in the first quarter valued at approximately $25,000. Ameriprise Financial Inc. acquired a new position in shares of Butterfly Network in the third quarter valued at approximately $25,000. BNP Paribas Financial Markets grew its holdings in shares of Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after purchasing an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC acquired a new position in shares of Butterfly Network in the fourth quarter valued at approximately $38,000. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Butterfly Network in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.