Butterfly Network (NYSE:BFLY) Hits New 52-Week High – What’s Next?

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BFLY. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note 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. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Trading Down 5.7%

The company has a 50 day simple moving average of $5.41 and a two-hundred day simple moving average of $4.42. The firm has a market capitalization of $2.14 billion, a P/E ratio of -28.01 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. On average, sell-side analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the 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 transaction, the insider owned 1,630,407 shares of the company’s stock, valued at $7,597,696.62. This represents a 15.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 21.99% of the stock is currently owned by insiders.

Institutional Trading of Butterfly Network

Large investors have recently added to or reduced their stakes in the company. Palumbo Wealth Management LLC increased its position in shares of Butterfly Network by 182.9% during the 4th quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock valued at $1,571,000 after purchasing an additional 267,238 shares during the last quarter. Clough Capital Partners L P bought a new stake in Butterfly Network in the fourth quarter worth $845,000. Keenan LLC bought a new stake in Butterfly Network in the fourth quarter worth $339,000. Polen Capital Management LLC purchased a new position in Butterfly Network during the fourth quarter worth $1,797,000. Finally, Quent Capital LLC purchased a new position in Butterfly Network during the fourth quarter worth $697,000. Institutional investors 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.