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

Butterfly Network, Inc. (NYSE:BFLY)’s share price traded up 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 traded hands during trading, a decline of 68% from the average session volume of 5,688,490 shares. The stock had previously closed at $3.84.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Loop Capital set a $5.50 price target on Butterfly Network in a research note on Monday, March 2nd. TD Cowen lifted their price target on Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $5.25 price target on shares of Butterfly Network in a research note on Wednesday, January 21st. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Stock Performance

The stock’s 50 day moving average price is $4.37 and its 200-day moving average price is $3.75. The company has a market cap of $1.14 billion, a PE ratio of -14.95 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, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $26.53 million during the quarter, compared to analyst estimates of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. On average, analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BFLY. Perkins Capital Management Inc. increased its stake in Butterfly Network by 213.0% during the 3rd quarter. Perkins Capital Management Inc. now owns 924,280 shares of the company’s stock valued at $1,784,000 after purchasing an additional 629,020 shares in the last quarter. Palumbo Wealth Management LLC increased its holdings in shares of Butterfly Network by 182.9% in the 4th quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock worth $1,571,000 after purchasing an additional 267,238 shares in the last quarter. Quent Capital LLC bought a new stake in shares of Butterfly Network in the 4th quarter worth $697,000. DNB Asset Management AS increased its holdings in shares of Butterfly Network by 116.1% in the 4th quarter. DNB Asset Management AS now owns 780,335 shares of the company’s stock worth $2,965,000 after purchasing an additional 419,197 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Butterfly Network by 40.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 47,318 shares of the company’s stock worth $192,000 after acquiring an additional 13,618 shares during the period. 37.85% of the stock is currently owned by 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.