Butterfly Network (NYSE:BFLY) Shares Gap Down – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $4.92, but opened at $4.65. Butterfly Network shares last traded at $4.56, with a volume of 2,530,048 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Loop Capital set a $5.50 target price on shares of Butterfly Network in a research report on Monday, March 2nd. TD Cowen increased their price objective on Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Craig Hallum reissued a “buy” rating and issued a $5.25 target price on shares of Butterfly Network in a research report on Wednesday, January 21st. Lake Street Capital increased their price target on shares of Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a report on Tuesday, January 20th. Finally, Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Stock Down 5.4%

The company has a fifty day simple moving average of $4.19 and a 200-day simple moving average of $3.55. The firm has a market cap of $1.19 billion, a P/E ratio of -14.98 and a beta of 2.21.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $31.51 million during the quarter, compared to analyst estimates of $26.25 million. As a group, research analysts forecast that Butterfly Network, Inc. will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Abel Hall LLC bought a new position in Butterfly Network during the first quarter valued at approximately $67,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of Butterfly Network in the first quarter worth approximately $545,000. Perkins Capital Management Inc. raised its holdings in shares of Butterfly Network by 0.8% in the first quarter. Perkins Capital Management Inc. now owns 930,930 shares of the company’s stock worth $3,761,000 after buying an additional 7,150 shares during the period. Pictet Asset Management Holding SA purchased a new stake in shares of Butterfly Network in the first quarter worth approximately $143,000. Finally, SG Americas Securities LLC raised its holdings in shares of Butterfly Network by 59.1% in the first quarter. SG Americas Securities LLC now owns 16,597 shares of the company’s stock worth $67,000 after buying an additional 6,164 shares during the period. 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.