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BFLY Stock: Why Medical Device Play Butterfly Network Is Fluttering Higher Today

Butterfly Network (NYSE:BFLY) stock is soaring on Monday despite a lack of news concerning the medical device company.

A woman getting an ultrasound on her throat.
Source: Zoriana Zaitseva/Shutterstock.com

That increase in stock price for BFLY comes alongside slightly above average trading of its shares. As of this writing, more than 3.8 million shares of the stock have changed hands. That’s a bit higher than the stocks’ daily average trading volume of 3.3 million shares.

It’s worth pointing out to investors that BFLY stock is still new to the public market. The company went public in February after completing a merger with special purpose acquisition company Longview Acquisition. Investors that want to learn more about that can follow this link.

While not directly connected to Butterfly Network, news from Friday includes hedge fund Glenview Capital Management launching its second SPAC. This is the group behind the Longview Acquisition SPAC. The new SPAC goes under the similar name Longview Acquisition Corp. II (NYSE:LGV.UN).

Another previous catalyst for the increase in BFLY stock comes from Cathie Wood. The Ark Investment Management founder listed the stock as one of the ones that she likes. Stocks chosen by Wood have been a hot topic among investors recently.

Investors in Butterfly Network are also preparing for the release of its upcoming earnings report. BFLY is set to report earnings for the full year of 2020 when after markets close next Monday.

Butterfly Network is a medical device company with a focus on creating ultrasound products. The company’s goal is to reduce the price of ultrasound machines and make them more widely available.

BFLY stock was up 9.7% as of Monday afternoon. However, the stock is down 19.8% since going public on Feb. 16, 2020.

Investors interested in SPAC news will want to keep a few more companies in mind.

Several stocks of SPACs are on the move as they prepare for mergers that will have them taking private companies public. That includes Foley Trasimene Acquisition Corp. II (NYSE:BFT), Fintech Acquisition V (NASDAQ:FTCV), and Tortoise Acquisition II (NYSE:SNPR). Investors can lear more at the links below.

More SPAC News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/03/bfly-stock-why-medical-device-play-butterfly-network-is-fluttering-higher-today/.

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