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

Key Points

• 52-week high: Butterfly Network's stock reached a new 52-week high of $5.17 (last $5.04), trading up about 8.5% on heavy volume and valuing the company at roughly $1.34 billion.
• Analyst views mixed: Several analysts raised price targets (TD Cowen to $6.00; others $5.25–$5.50), but the consensus rating is a Hold with an average target of $5.56.
• Fundamentals: Quarterly results beat estimates—EPS loss narrowed to $0.02 versus a $0.04 expected and revenue was $31.5M—but the company remains unprofitable with a roughly 79% negative net margin.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $5.17 and last traded at $5.0380, with a volume of 1648138 shares changing hands. The stock had previously closed at $4.86.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. TD Cowen raised 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. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research report on Monday, March 2nd. Craig Hallum restated a "buy" rating and set a $5.25 price objective on shares of Butterfly Network in a research report on Wednesday, January 21st. Lake Street Capital raised 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. Finally, Zacks Research upgraded shares of Butterfly Network from a "strong sell" rating to a "hold" rating in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $5.56.

Butterfly Network Trading Up 8.5%

The company has a market cap of $1.34 billion, a P/E ratio of -16.95 and a beta of 2.21. The company's 50-day moving average price is $3.76 and its two-hundred day moving average price is $3.34.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) EPS 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 company had revenue of $31.51 million during the quarter, compared to analyst estimates of $26.25 million. Equities analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Institutional Trading of Butterfly Network

Hedge funds have recently bought and sold shares of the company. Ameriprise Financial Inc. purchased a new stake in Butterfly Network during the third quarter valued at about $25,000. Y Intercept Hong Kong Ltd purchased a new stake in Butterfly Network during the third quarter valued at about $32,000. BNP Paribas Financial Markets lifted its stake in 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 buying an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC purchased a new stake in shares of Butterfly Network in the fourth quarter worth approximately $38,000. Finally, ExodusPoint Capital Management LP purchased a new stake in shares of Butterfly Network in the fourth quarter worth approximately $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.

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