Butterfly Network (NYSE:BFLY) Hits New 52-Week High – Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $5.17 and last traded at $5.0380, with a volume of 1648138 shares. The stock had previously closed at $4.86.

Analyst Upgrades and Downgrades

BFLY has been the subject of a number of recent analyst reports. TD Cowen boosted their target price on Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Lake Street Capital raised 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. Loop Capital set a $5.50 price target on shares of Butterfly Network in a research note on Monday, March 2nd. Craig Hallum reiterated a “buy” rating and issued a $5.25 price target on shares of Butterfly Network in a research note on Wednesday, January 21st. 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 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Price Performance

The business’s 50 day moving average price is $3.84 and its 200 day moving average price is $3.38. The stock has a market capitalization of $1.39 billion, a P/E ratio of -17.61 and a beta of 2.21.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results 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 net margin of 78.95% and a negative return on equity of 33.13%. The firm had revenue of $31.51 million during the quarter, compared to analyst estimates of $26.25 million. As a group, analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Butterfly Network by 4.3% in the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after buying an additional 453,258 shares during the last quarter. ARK Investment Management LLC boosted its holdings in shares of Butterfly Network by 1.6% in the fourth quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock worth $23,729,000 after buying an additional 99,079 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Butterfly Network by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after buying an additional 75,243 shares during the last quarter. AWM Investment Company Inc. boosted its holdings in shares of Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after buying an additional 3,000,000 shares during the last quarter. Finally, First Light Asset Management LLC boosted its holdings in shares of Butterfly Network by 149.3% in the fourth quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock worth $10,686,000 after buying an additional 1,684,133 shares during the last quarter. Hedge funds and other 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.