Butterfly Network, Inc. (NYSE:BFLY) is among the best fundamentally strong penny stocks to buy right now. In the first quarter, Acadian Asset Management LLC raised its position in Butterfly Network, Inc. (NYSE:BFLY) by a whopping 270.5%. Following the purchase of 1,167,055 shares, the institutional investor now owns 1,598,552 shares of the company’s stock. With an ownership of 0.65%, the firm’s investment is worth $3,642,000.
During its latest earnings call, the management highlighted that the second quarter marked the highest quarterly revenue for Butterfly Network, Inc. (NYSE:BFLY), with gross margins reaching an all-time high at 64%. What investors eye most is the company’s recent large-scale enterprise-wide collaboration with one of the top 5 leading health systems globally.
It doesn’t stop there. Analysts, too, remain bullish on Butterfly Network, Inc. (NYSE:BFLY). TD Cowen has reiterated its ‘Buy’ rating on the stock, with a price target of $3.50. This optimism stems from the results of the POCUS-CARE trial, which highlighted that the company’s iQ3 handheld ultrasound device can significantly reduce hospital expenses and patient stays.
Butterfly Network, Inc. (NYSE:BFLY) is a Massachusetts-based company that develops and commercializes ultrasound imaging solutions. Founded in 2011, the company is committed to contributing to global health.
While we acknowledge the potential of BFLY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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