Butterfly Network (NYSE:BFLY) Stock Price Up 6.6% – Here’s What Happened

Shares of Butterfly Network, Inc. (NYSE:BFLY) rose 6.6% on Wednesday . The company traded as high as $4.77 and last traded at $4.7330. Approximately 597,948 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 5,644,974 shares. The stock had previously closed at $4.44.

Analyst Ratings Changes

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

Butterfly Network Price Performance

The stock has a fifty day moving average of $3.74 and a 200 day moving average of $3.33. The firm has a market capitalization of $1.22 billion, a P/E ratio of -15.43 and a beta of 2.21.

Butterfly Network (NYSE:BFLY) last issued 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. The business had revenue of $31.51 million for the quarter, compared to analyst estimates of $26.25 million. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%. Equities analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Institutional Trading of Butterfly Network

A number of large investors have recently bought and sold shares of BFLY. Ameriprise Financial Inc. purchased a new stake in Butterfly Network in the third quarter worth $25,000. Y Intercept Hong Kong Ltd purchased a new stake in Butterfly Network in the third quarter worth $32,000. BNP Paribas Financial Markets increased its position in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after buying an additional 14,244 shares during the last quarter. Wisconsin Wealth Advisors LLC purchased a new stake in Butterfly Network in the fourth quarter worth $38,000. Finally, ExodusPoint Capital Management LP purchased a new stake in Butterfly Network in the fourth quarter worth $38,000. 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.