Butterfly Network (NYSE:BFLY) Hits New 1-Year High – Time to Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $4.80 and last traded at $4.88, with a volume of 935427 shares trading hands. The stock had previously closed at $4.65.

Butterfly Network Stock Performance

The business’s 50 day moving average price is $3.72 and its 200-day moving average price is $2.50. The firm has a market capitalization of $1.03 billion, a PE ratio of -10.63 and a beta of 2.47.

Insider Activity

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $502,081.74. Following the sale, the insider now directly owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the sale, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. This represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Insiders own 27.28% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new position in Butterfly Network during the 4th quarter worth $34,000. Hartline Investment Corp increased its holdings in shares of Butterfly Network by 87.0% in the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after purchasing an additional 10,000 shares in the last quarter. Verdence Capital Advisors LLC purchased a new position in shares of Butterfly Network in the 4th quarter valued at about $41,000. Barclays PLC increased its holdings in shares of Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC purchased a new position in shares of Butterfly Network in the 3rd quarter valued at about $44,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.