Butterfly Network (NASDAQ:BFLY) Downgraded by Zacks Investment Research to “Hold”

Butterfly Network (NASDAQ:BFLY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Butterfly Network Inc. created handheld, single-probe whole-body ultrasound system, Butterfly iQ. The company through its proprietary Ultrasound-On-Chip(TM) technology, Butterfly Network is paving the way for earlier detection and remote management of health conditions. Butterfly Network Inc., formerly known as Longview Acquisition Corp., is based in NEW YORK. “

Separately, Cowen reaffirmed a “buy” rating and issued a $20.00 price target on shares of Butterfly Network in a report on Tuesday, September 7th.

Shares of NASDAQ BFLY traded up $0.26 during trading on Thursday, reaching $7.86. 3,458,473 shares of the stock were exchanged, compared to its average volume of 2,829,379. The business’s 50-day moving average price is $10.38 and its 200 day moving average price is $11.41. Butterfly Network has a twelve month low of $6.75 and a twelve month high of $29.13.

Butterfly Network (NASDAQ:BFLY) last posted its earnings results on Monday, November 15th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.18. The firm had revenue of $14.62 million for the quarter. On average, research analysts expect that Butterfly Network will post -0.37 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Kestra Advisory Services LLC raised its holdings in Butterfly Network by 5.7% in the third quarter. Kestra Advisory Services LLC now owns 29,619 shares of the company’s stock valued at $309,000 after acquiring an additional 1,600 shares in the last quarter. Cetera Advisor Networks LLC raised its holdings in Butterfly Network by 17.7% in the third quarter. Cetera Advisor Networks LLC now owns 12,350 shares of the company’s stock valued at $129,000 after acquiring an additional 1,856 shares in the last quarter. Macquarie Group Ltd. acquired a new stake in Butterfly Network in the third quarter valued at $26,000. Magnolia Capital Advisors LLC raised its holdings in Butterfly Network by 16.4% in the third quarter. Magnolia Capital Advisors LLC now owns 17,700 shares of the company’s stock valued at $185,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Ameritas Investment Partners Inc. acquired a new stake in Butterfly Network in the second quarter valued at $37,000. 41.18% of the stock is currently owned by hedge funds and other institutional investors.

About Butterfly Network

Butterfly Network, Inc, a digital health company, develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; and Butterfly iQ+, a point-of-care ultrasound imaging device that connects with a smart phone or tablet.

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