Butterfly Network (NYSE:BFLY) Sets New 12-Month High – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

Butterfly Network Price Performance

The firm has a market cap of $1.32 billion, a P/E ratio of -16.69 and a beta of 2.21. The stock’s 50 day moving average is $4.02 and its two-hundred day moving average is $3.47.

Butterfly Network (NYSE:BFLY) last posted 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. The business had revenue of $31.51 million for the quarter, compared to analysts’ expectations of $26.25 million. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 33.13%. As a group, research analysts forecast that Butterfly Network, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Trading of Butterfly Network

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BFLY. Ameriprise Financial Inc. bought a new stake in Butterfly Network in the third quarter valued at about $25,000. Y Intercept Hong Kong Ltd bought a new stake in Butterfly Network in the third quarter valued at about $32,000. BNP Paribas Financial Markets increased its stake in Butterfly Network by 707.2% in 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 during the period. Wisconsin Wealth Advisors LLC bought a new stake in Butterfly Network in the fourth quarter valued at about $38,000. Finally, ExodusPoint Capital Management LP bought a new stake in Butterfly Network during the fourth quarter worth about $38,000. Institutional investors own 37.85% of the company’s stock.

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.