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

Key Points

• Shares rose 6.6% to $4.73 Wednesday (intraday high $4.77) on unusually light trading—about 598,000 shares, down ~89% from the stock's average daily volume.
• Several analysts have raised price targets (TD Cowen to $6.00, Loop Capital $5.50), but the consensus is an average "Hold" rating with an average target of $5.56.
• Butterfly beat the quarter's expectations with ($0.02) EPS vs. ($0.04) expected and $31.51M revenue vs. $26.25M expected, but it still shows negative margins and is forecast to post about -0.35 EPS for the year.

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) rose 6.6% on Wednesday . The stock traded as high as $4.77 and last traded at $4.7330. Approximately 597,948 shares were traded 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.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BFLY. Craig Hallum reaffirmed a "buy" rating and set a $5.25 target price on shares of Butterfly Network in a research note on Wednesday, January 21st. Loop Capital set a $5.50 target price on Butterfly Network in a research note on Monday, March 2nd. TD Cowen raised their target price on Butterfly Network from $4.50 to $6.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Zacks Research raised Butterfly Network from a "strong sell" rating to a "hold" rating in a research note on Friday, March 27th. Finally, Lake Street Capital raised their target price on Butterfly Network from $4.00 to $5.50 and gave the stock a "buy" rating in a research note on Tuesday, January 20th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $5.56.

Butterfly Network Stock Up 7.5%

The firm has a 50 day moving average of $3.74 and a 200 day moving average of $3.33. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -15.43 and a beta of 2.21.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%.The business had revenue of $31.51 million during the quarter, compared to analysts' expectations of $26.25 million. Equities analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Institutional Investors Weigh In On Butterfly Network

Hedge funds have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. acquired a new stake in Butterfly Network in the third quarter valued at approximately $25,000. Y Intercept Hong Kong Ltd acquired a new stake in Butterfly Network in the third quarter valued at approximately $32,000. BNP Paribas Financial Markets grew its stake in Butterfly Network by 707.2% in 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 during the period. Wisconsin Wealth Advisors LLC acquired a new stake in Butterfly Network in the fourth quarter valued at approximately $38,000. Finally, ExodusPoint Capital Management LP bought a new position in shares of Butterfly Network in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds 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.

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