Butterfly Network (NYSE:BFLY) Stock Price Up 5.6% – Time to Buy?

Butterfly Network, Inc. (NYSE:BFLY) rose 5.6% during mid-day trading on Tuesday . The stock traded as high as $4.05 and last traded at $4.0550. Approximately 1,836,424 shares were traded during trading, a decline of 68% from the average daily volume of 5,688,490 shares. The stock had previously closed at $3.84.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Loop Capital set a $5.50 price objective on Butterfly Network in a research note on Monday, March 2nd. Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. TD Cowen lifted their target price on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, Lake Street Capital lifted their target price on Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Three equities research 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’s stock. Based on data from MarketBeat.com, Butterfly Network currently has an average rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Trading Up 7.2%

The firm has a 50 day moving average of $4.35 and a 200-day moving average of $3.72. The company has a market cap of $1.05 billion, a P/E ratio of -13.68 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. Equities analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after buying an additional 453,258 shares in the last quarter. ARK Investment Management LLC grew its holdings in Butterfly Network by 1.6% during the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock valued at $23,729,000 after buying an additional 99,079 shares in the last quarter. Geode Capital Management LLC grew its holdings in Butterfly Network by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock valued at $17,785,000 after buying an additional 75,243 shares in the last quarter. Bank of America Corp DE grew its holdings in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after buying an additional 1,728,938 shares in the last quarter. Finally, AWM Investment Company Inc. grew its holdings in Butterfly Network by 750.0% during the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock valued at $12,920,000 after buying an additional 3,000,000 shares in 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.