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

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

Wall Street Analysts Forecast Growth

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

Butterfly Network Stock Performance

The stock has a 50-day moving average of $4.35 and a two-hundred 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 released its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The company had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. As a group, sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Trading of Butterfly Network

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Butterfly Network by 4.3% during the third 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 during the period. ARK Investment Management LLC lifted its holdings in Butterfly Network by 1.6% in the fourth quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock valued at $23,729,000 after acquiring an additional 99,079 shares during the period. Geode Capital Management LLC grew its stake in shares of 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 purchasing an additional 75,243 shares during the period. Bank of America Corp DE grew its stake in shares of 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 purchasing an additional 1,728,938 shares during the period. Finally, AWM Investment Company Inc. increased its position in shares of 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 purchasing an additional 3,000,000 shares during the last quarter. 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.