Butterfly Network (NYSE:BFLY) Stock Price Up 11.9% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY) rose 11.9% during trading on Thursday . The company traded as high as $4.81 and last traded at $4.9120. Approximately 750,189 shares were traded during trading, a decline of 86% from the average daily volume of 5,477,977 shares. The stock had previously closed at $4.39.

Analysts Set New Price Targets

BFLY has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Loop Capital set a $5.50 target price on shares of Butterfly Network in a research note on Monday, March 2nd. TD Cowen raised their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Finally, Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Butterfly Network currently has a consensus rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Stock Performance

The business’s fifty day simple moving average is $4.49 and its 200-day simple moving average is $3.90. The firm has a market capitalization of $1.30 billion, a PE ratio of -16.98 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The business had revenue of $26.53 million during the quarter, compared to analyst estimates of $26.08 million. Sell-side analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Palumbo Wealth Management LLC grew its holdings in shares of Butterfly Network by 182.9% in the fourth quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock valued at $1,571,000 after purchasing an additional 267,238 shares in the last quarter. Quent Capital LLC purchased a new position in shares of Butterfly Network in the fourth quarter valued at $697,000. DNB Asset Management AS grew its holdings in shares of Butterfly Network by 116.1% in the fourth quarter. DNB Asset Management AS now owns 780,335 shares of the company’s stock valued at $2,965,000 after purchasing an additional 419,197 shares in the last quarter. Sfmg LLC purchased a new position in shares of Butterfly Network in the fourth quarter valued at $39,000. Finally, Kestra Private Wealth Services LLC grew its holdings in shares of Butterfly Network by 11.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock valued at $211,000 after purchasing an additional 5,500 shares in the last quarter. 37.85% of the stock is owned by hedge funds and other 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.