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

Key Points

• 52-week high: BFLY shares reached a new 52-week high of $5.68 (last $5.455) on heavy volume, while the MarketBeat consensus rating is "Hold" with a target price of about $5.56.
• Quarterly beat but still unprofitable: Butterfly reported Q results with EPS of -$0.02 (vs. -$0.04 expected) and revenue of $31.51M (vs. $26.25M expected), yet the company remains unprofitable with a -78.95% net margin and analysts forecast roughly -$0.19 EPS for the year.
• Mixed analyst outlook and ownership: Analyst price targets have been raised (notably TD Cowen to $6.00) amid a split of 3 Buys, 2 Holds and 1 Sell, and institutional investors hold about 37.85% of the shares with some recent small hedge fund purchases.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) 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 - Get Free Report) 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.