Butterfly Stock Overview: Innovation and High Expectation
Butterfly stock is on the rise as the company prepares to release its full year financial results for 2020. This is great news for investors after a volatile start to the year for the digital health company. However, will Butterfly Network (NYSE: BFLY) continue to soar over the coming weeks?
Butterfly Stock History and Projections
Butterfly Network went public on the New York Stock Exchange through a merger with a SPAC called Longview Acquisition Corp. on February 16, 2021. The deal valued the company at $1.5 billion.
Within days of the merger, Butterfly stock hit an all-time high of $29.13. But market volatility disrupted the stock growth and the share price fell below $20 within a week.
This volatility has continued into March. Yet, BFLY stock is slowly working its way back towards the $20 price marker.
And Wall Street analysts have high hopes for this innovative business. With Butterfly’s financial results call on March 29th, projections suggest it was a monumental year for the company.
Founder Dr. Jonathan Rothberg made it clear that Butterfly had a great year during its merger announcement. Rothberg said in the merger press release…
2020 was a milestone year for Butterfly as we made significant progress towards fulfilling our mission to deliver innovative ultrasound technology that is easy to use, integrates into clinical decision-making workflow and ultimately lowers the cost of care,
As you can see, there’s good reason for investors and traders alike to be excited about Butterfly stock and its growth potential. You will want to keep a close eye on this stock, especially if the financial results meet expectations.
What is the Butterfly Network?
Butterfly is off-and-running on the stock market. Therefore, it’s important to do your research and learn more about the company before committing to an investment.
The Butterfly Network was founded in 2011 and is based in Guilford, Connecticut. The company’s mission is to “democratize healthcare by making medical imaging accessible to everyone around the world.”
And it is well on its way to doing just that. Butterfly has created breakthrough ultrasound technology that may revolutionize the industry.
Butterfly’s chip-based ultrasound connects to a mobile app and allows images to be stored instantly. The software also integrates with electronic medical records (EMR) and other workflow systems for healthcare providers to access the imaging.
This is huge for many reasons. First and foremost, billions of people lack access to medical imaging. In fact, this is largely due to cost. And Butterfly has created a more cost-effective solution that is much more accessible and easier to use. The company wants Butterfly ultrasounds in the coat pockets of all healthcare providers and in the homes of chronic patients.
This is why investors are licking their chops over the prospects of Butterfly stock going forward. It may be a long-term play, but it may provide a huge boost to your portfolio in the process.
Investing in Healthcare Companies
Healthcare SPACs and biotech stocks have gained a lot of attention due to the coronavirus pandemic. Many investors are adding these companies to their portfolios in hopes of bringing in massive gains.
And you can’t blame them. The entire industry is ramping up research and innovating faster than ever before. This became necessary once the race for a COVID-19 vaccine began.
Digital healthcare has also become a priority within the industry. And Butterfly may the cream of the crop.
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Digital healthcare was thought to be the future. But the pandemic has forced the timeline to change. In fact, digital healthcare is now. You may want to consider Butterfly stock as a long-term investment with a lot of upside.
About Corey Mann
Corey Mann is the Content Manager of Investment U. He has more than 10 years of experience as a journalist and content creator. Since 2012, Corey’s work has been featured in major publications such as The Virginian-Pilot, The Washington Post, CNN, MSNBC and more. When Corey isn’t focusing on Investment U, he enjoys traveling with his wife, going to Yankees games and spending time with his family.