7 Best Rising Penny Stocks To Invest In Now

3. Butterfly Network, Inc. (NYSE:BFLY)

1-Month Stock Price Performance: 32.77%

Number of Hedge Fund Holders: 23

Butterfly Network, Inc. (NYSE:BFLY) is a digital health company that focuses on point-of-care ultrasound (POCUS) technology, which seeks to make medical imaging more accessible and affordable for healthcare providers. It ranks 3rd on our list of best rising penny stocks to invest in now.

The company’s flagship products, the Butterfly iQ and Butterfly iQ+, use unique Ultrasound-on-Chip technology, which allows for whole-body imaging with a single handheld probe that connects to mobile devices. Additionally, the Butterfly Blueprint serves as an integrated ultrasound platform, which improves clinical workflows within healthcare settings.

On September 10, Lake Street initiated coverage of Butterfly Network (NYSE:BFLY) with a Buy rating and a $3 price target. The company made waves in the market with the launch of its first-generation iQ handheld ultrasound probe, which received FDA clearance in 2017.

Priced at $1,999, this device was significantly more affordable than competing handheld POCUS probes at that time, costing up to 80% less. Although earlier models were sometimes criticized for image quality, the recent release of the iQ3 has changed perceptions. It achieves image quality that matches low-end cart systems, which has increased its credibility among medical specialists.

Butterfly Network (NYSE:BFLY) is on track for a strong performance in 2024, driven by the successful introduction of the iQ3. Following its strong first quarter to date, the company reported record revenue of $21.5 million in the second quarter, a year-over-year 16% increase. It also managed to significantly reduce its net loss by 45% and cut net cash used in operations by 62%.