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

Butterfly Network, Inc. (NYSE:BFLY) hit a new 52-week high during trading on Tuesday . The stock traded as high as $10.05 and last traded at $9.71, with a volume of 12089246 shares trading hands. The stock had previously closed at $8.83.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Stock Up 1.2%

The business’s 50 day simple moving average is $7.36 and its 200 day simple moving average is $5.26. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of -32.69 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. The company had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Equities research analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Butterfly Network news, CEO Joseph Devivo sold 211,798 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $6.56, for a total value of $1,389,394.88. Following the sale, the chief executive officer owned 7,672,046 shares in the company, valued at $50,328,621.76. This represents a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Megan Carlson sold 68,852 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $7.86, for a total value of $541,176.72. Following the completion of the sale, the chief accounting officer directly owned 425,889 shares of the company’s stock, valued at approximately $3,347,487.54. The trade was a 13.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 4,987,405 shares of company stock worth $32,975,004 in the last three months. 21.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. bought a new position in shares of Butterfly Network in the first quarter valued at about $85,000. Goldman Sachs Group Inc. boosted its holdings in shares of Butterfly Network by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after buying an additional 29,958 shares during the period. JPMorgan Chase & Co. grew its stake in Butterfly Network by 9,055.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after buying an additional 91,012 shares during the last quarter. Legal & General Group Plc grew its stake in Butterfly Network by 136.5% in the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after buying an additional 119,455 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in Butterfly Network in the 2nd quarter valued at about $475,000. 37.85% of the stock is owned by institutional investors.

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.