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 research 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 set a $20.00 price objective on shares of Butterfly Network in a research note on Tuesday, September 7th.

NASDAQ BFLY traded up $0.26 on Thursday, reaching $7.86. The company’s stock had a trading volume of 3,458,473 shares, compared to its average volume of 2,829,379. Butterfly Network has a twelve month low of $6.75 and a twelve month high of $29.13. The firm’s 50 day moving average is $10.38 and its two-hundred day moving average is $11.41.

Butterfly Network (NASDAQ:BFLY) last posted its quarterly earnings data on Monday, November 15th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.18. The firm had revenue of $14.62 million for the quarter. As a group, research analysts predict that Butterfly Network will post -0.37 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. acquired a new position in shares of Butterfly Network in the 3rd quarter valued at about $26,000. Ameritas Investment Partners Inc. acquired a new position in shares of Butterfly Network in the 2nd quarter valued at about $37,000. Advisory Services Network LLC acquired a new position in shares of Butterfly Network in the 2nd quarter valued at about $44,000. Whittier Trust Co. acquired a new position in shares of Butterfly Network in the 2nd quarter valued at about $60,000. Finally, Focused Wealth Management Inc acquired a new position in shares of Butterfly Network in the 2nd quarter valued at about $70,000. Institutional investors own 41.18% of the company’s stock.

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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