Butterfly Network (NYSE:BFLY) Sets New 12-Month High – Here’s What Happened
by Scott Moore · The Cerbat GemButterfly Network, Inc. (NYSE:BFLY – Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $5.17 and last traded at $5.0380, with a volume of 1648138 shares traded. The stock had previously closed at $4.86.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on BFLY. Lake Street Capital increased their price target on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Craig Hallum reissued a “buy” rating and issued a $5.25 price target on shares of Butterfly Network in a research report on Wednesday, January 21st. TD Cowen increased their price target on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Zacks Research raised 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 price target on shares of Butterfly Network in a research report on Monday, March 2nd. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.56.
Read Our Latest Stock Analysis on BFLY
Butterfly Network Stock Up 8.5%
The business’s 50-day moving average price is $3.76 and its 200-day moving average price is $3.34. The firm has a market capitalization of $1.34 billion, a PE ratio of -16.95 and a beta of 2.21.
Butterfly Network (NYSE:BFLY – Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%.The firm had revenue of $31.51 million for the quarter, compared to the consensus estimate of $26.25 million. On average, analysts anticipate that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.
Hedge Funds Weigh In On Butterfly Network
A number of hedge funds have recently added to or reduced their stakes in BFLY. Invesco Ltd. acquired a new position in Butterfly Network in the first quarter worth approximately $85,000. Goldman Sachs Group Inc. increased its holdings in Butterfly Network by 4.1% in the first 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. increased its holdings in Butterfly Network by 9,055.9% in the second 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 holdings 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 last quarter. Finally, Rhumbline Advisers acquired a new position in Butterfly Network in the second quarter worth approximately $475,000. Institutional investors and hedge funds own 37.85% of the company’s stock.
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.