Stock Track | Butterfly Network Soars 10% Pre-Market on Upbeat Earnings, Bullish Outlook

Stock Track2024-11-06

Shares of Butterfly Network Inc (BFLY) surged over 10% in pre-market trading on November 6, 2024, after the medical imaging company reported better-than-expected earnings results and received optimistic analyst forecasts.

Butterfly Network's revenue for the quarter beat estimates by 8.2%, while its losses per share came in 8.2% lower than analysts had projected. Encouraged by the strong performance, analysts raised their 2025 revenue forecasts for the company by around 4% to $95.3 million. They also lowered their loss per share estimates, citing expected improvements in profitability.

The consensus price target for BFLY stock was increased by 8.3% to $3.25, reflecting analysts' belief that the company's intrinsic value has risen. Analysts are bullish on Butterfly Network's growth prospects, noting that its projected 20% annualized revenue growth through 2025 significantly outpaces both its historical growth rate and the broader industry forecast.

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