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

Butterfly Network, Inc. (NYSE:BFLY) shares hit a new 52-week high on Tuesday. The company traded as high as $10.21 and last traded at $9.38, with a volume of 1041894 shares. The stock had previously closed at $9.38.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BFLY. Evercore began coverage on shares of Butterfly Network in a report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 target price on the stock. Needham & Company LLC started coverage on shares of Butterfly Network in a research report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 target price on the stock. TD Cowen reissued a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a research note on Friday, September 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.54.

Butterfly Network Stock Down 5.0%

The company has a 50-day simple moving average of $8.49 and a two-hundred day simple moving average of $6.61. The stock has a market cap of $2.20 billion, a P/E ratio of -28.49 and a beta of 2.04.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) 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 firm had revenue of $32.61 million for the quarter, compared to analysts’ expectations of $29.16 million. As a group, sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In other news, CEO Joseph Devivo sold 3,169 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $10.02, for a total transaction of $31,753.38. Following the completion of the transaction, the chief executive officer directly owned 7,347,720 shares of the company’s stock, valued at approximately $73,624,154.40. This represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Louise Phanstiel acquired 115,200 shares of the stock in a transaction dated Friday, August 14th. The shares were purchased at an average cost of $8.68 per share, with a total value of $999,936.00. Following the completion of the purchase, the director owned 300,461 shares of the company’s stock, valued at approximately $2,608,001.48. The trade was a 62.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 4,422,757 shares of company stock worth $29,712,689 over the last ninety days. 21.99% of the stock is owned by company insiders.

Institutional Trading of Butterfly Network

Several large investors have recently modified their holdings of the business. State Street Corp raised its position in Butterfly Network by 4.0% during the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock valued at $48,522,000 after purchasing an additional 223,012 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Butterfly Network by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after buying an additional 2,125 shares during the period. Engineers Gate Manager LP bought a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $595,000. Squarepoint Ops LLC grew its position in shares of Butterfly Network by 27.0% in the 2nd quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock worth $3,792,000 after buying an additional 95,850 shares during the last quarter. Finally, Corient Private Wealth LP purchased a new position in shares of Butterfly Network during the second quarter valued at approximately $156,000. 37.85% of the stock is owned by institutional investors.

About Butterfly Network

Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company’s systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.

Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.