Butterfly Network
This SPAC company has recently brought a new technology into the market. A portable Ultrasound. (other products could be here, but this is the most prominent.)
Transforming
point-of-care ultrasound.
Experience a groundbreaking ultrasound solution and the world’s only single-probe, whole-body handheld device, powered by Ultrasound-on-Chip™ technology. Butterfly transforms complex processes into one connected POCUS system to help you offer better, more efficient care.
Financials
there is currently no financials on this company as it was recently brought public as of 07/13/20
Support and Resistance
Since $BFLY is such a new stock to the market it makes it difficult to find a good support trend. For this we will use the monthly 8ma.
as you can see there is strong support at the roughly $9 range. While this is a strong support line being a new company with little news this trend can be met and possibly broken.
Weekly Chart
The weekly chart shows a upward trend line of $17.21 at the 20ema and $21+ support at the 8ma.
These to support lines together bring strong support for the new stock to hold between the $18 and $21 level.
if you are looking for a possible buying opportunity on a pull back this area would be for you.
$BFLY Key Statistics
with these sates you can see that this stock while new still carries a market cap of 1.3B., and a free float as low as 31M.
This is a great low float for such a high market cap. Again this is due to this stock being new introduced to the market.
This sometimes can be the catalyst to any stock taking huge leaps in share price over a relatively short period of time.
2HR Chart
On the 2hr chart there was a golden cross on 02/08/21. Since then the stock has went from $18 to $27 in a week.
This was a great time to have got in on this play. Getting in now understand that the market is looking for a correction and so could this stock.
Final Thought.
ButterFly Network has created something that can do away with the clunky devices.
I also know that the older devices are still in play as they are trusted medical devices.
What this sonar device can do is free up office space for other medical procedures as well as make in home visits by practitioners very easy.
We have to face it that technology is moving to more compact machinary.
One thing we don’t know is the total capability of this device and how it can compare to the latter.
This is definitely one to keep an eye on as this can change the way we use sonar technology in the medical field.
on another note. as i have said before we are in times of unprecedented movement in the bull market.
Over-evaluation has become a short term new norm. With that siad, keep a very close eye to the overall maket trend as these great look can have huge pullbacks.
While unfortunate for those who bought at the top. this is another chance to buy into game changing companies at a good cost value.
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