Butterfly Network (NYSE:BFLY) Sets New 12-Month High – Time to Buy?

Butterfly Network, Inc. (NYSE:BFLY) hit a new 52-week high during trading on Thursday . The company traded as high as $6.14 and last traded at $5.6850, with a volume of 6491580 shares changing hands. The stock had previously closed at $5.65.

Wall Street Analysts Forecast Growth

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

Butterfly Network Stock Up 0.6%

The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -18.95 and a beta of 2.22. The company’s 50-day moving average is $4.74 and its 200-day moving average is $4.09.

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, topping 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 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 Transactions at Butterfly Network

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 trade represents a 15.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 21.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Palumbo Wealth Management LLC boosted its stake in Butterfly Network by 182.9% during the fourth quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock worth $1,571,000 after buying an additional 267,238 shares during the period. Quent Capital LLC purchased a new position in Butterfly Network during the fourth quarter worth about $697,000. Polen Capital Management LLC purchased a new position in Butterfly Network during the fourth quarter worth about $1,797,000. DNB Asset Management AS boosted its stake in Butterfly Network by 116.1% during the fourth quarter. DNB Asset Management AS now owns 780,335 shares of the company’s stock worth $2,965,000 after buying an additional 419,197 shares during the period. Finally, Opal Wealth Advisors LLC boosted its stake in Butterfly Network by 10.1% during the fourth quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after buying an additional 3,355 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

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.