Butterfly Network (NYSE:BFLY) Sets New 1-Year High – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $5.68 and last traded at $5.4550, with a volume of 6799858 shares. The stock had previously closed at $5.49.

Wall Street Analyst Weigh In

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

Butterfly Network Price Performance

The stock’s 50 day simple moving average is $3.93 and its two-hundred day simple moving average is $3.45. The firm has a market cap of $1.39 billion, a P/E ratio of -17.60 and a beta of 2.21.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 33.13%. The business had revenue of $31.51 million during the quarter, compared to the consensus estimate of $26.25 million. Equities research analysts anticipate that Butterfly Network, Inc. will post -0.19 earnings per share for the current year.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently made changes to their positions in BFLY. Ameriprise Financial Inc. bought a new position in shares of Butterfly Network during the third quarter valued at approximately $25,000. Y Intercept Hong Kong Ltd bought a new position in shares of Butterfly Network during the third quarter valued at approximately $32,000. BNP Paribas Financial Markets increased its position in shares of Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after acquiring an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC bought a new stake in shares of Butterfly Network during the fourth quarter valued at approximately $38,000. Finally, ExodusPoint Capital Management LP bought a new stake in shares of Butterfly Network during the fourth quarter valued at approximately $38,000. Institutional investors 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.