Butterfly Network (NYSE:BFLY) Hits New 52-Week High - Here's What Happened

Key Points

• Butterfly Network shares reached a new 52-week high, trading as high as $10.05 and closing activity around $9.71, up approximately 10% from the previous close.
• Quarterly results exceeded expectations: the company reported an adjusted loss of $0.01 per share versus the $0.04 consensus loss estimate, while revenue of $32.61 million surpassed forecasts of $29.16 million.
• Analyst sentiment remains mixed, with an average “Hold” rating and a consensus price target of $5.56; insiders have sold roughly 4.9 million shares worth $32.2 million over the past 90 days.

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $10.05 and last traded at $9.71, with a volume of 12089246 shares traded. The stock had previously closed at $8.83.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Butterfly Network in a report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $5.56.

Butterfly Network Trading Up 10.0%

The company has a 50-day moving average of $7.16 and a 200-day moving average of $5.19. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -33.48 and a beta of 2.09.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $29.16 million. On average, research analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Megan Carlson sold 68,852 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $7.86, for a total transaction of $541,176.72. Following the sale, the chief accounting officer owned 425,889 shares in the company, valued at $3,347,487.54. This represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph Devivo sold 211,798 shares of the firm's stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $6.56, for a total transaction of $1,389,394.88. Following the completion of the transaction, the chief executive officer directly owned 7,672,046 shares in the company, valued at $50,328,621.76. This represents a 2.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 4,909,059 shares of company stock worth $32,193,361. Company insiders own 21.99% of the company's stock.

Hedge Funds Weigh In On Butterfly Network

Institutional investors have recently made changes to their positions in the stock. Invesco Ltd. bought a new stake in shares of Butterfly Network in the 1st quarter worth approximately $85,000. Goldman Sachs Group Inc. grew its stake in 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 last quarter. JPMorgan Chase & Co. grew its stake in Butterfly Network by 9,055.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company's stock worth $184,000 after buying an additional 91,012 shares during the last quarter. Legal & General Group Plc increased its position in Butterfly Network by 136.5% in the second quarter. Legal & General Group Plc now owns 206,985 shares of the company's stock worth $414,000 after buying an additional 119,455 shares during the period. Finally, Rhumbline Advisers acquired a new stake in Butterfly Network in the second quarter worth $475,000. 37.85% of the stock is owned by institutional investors.

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.

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