11 Best Strong Buy Penny Stocks to Invest In

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

Number of Hedge Fund Holders: 21

Butterfly Network, Inc. (NYSE:BFLY) is one of the best strong buy penny stocks to invest in. On February 10, Butterfly Network, Inc. (NYSE:BFLY) announced that its Butterfly iQ+/iQ3 and Compass AI™ ultrasound solution attained GovRAMP and TX-RAMP authorizations, with the certifications allowing the company to sell cloud services to all state and local government agencies, including in the state of Texas.

Management added that GovRAMP is a nationally recognized risk authorization management program, and attaining the GovRAMP Authorization exhibits the company’s dedication to meeting the highest compliance and security standards. Butterfly Network, Inc. (NYSE:BFLY) also secured TX-RAMP Certification for the state of Texas, which is the only domestic state requiring a standalone authorization.

In another development, Craig-Hallum lifted the price target on Butterfly Network, Inc. (NYSE:BFLY) to $5.25 from $3.25 on January 21 while maintaining a Buy rating on the shares. The rating update followed the release of the company’s latest announcements, which included at least 17% year-over-year Q4 revenue growth, implying $26.2 million compared to the Street’s estimate of $25.7 million and the full year landing at $92.3 million. The firm attributed the majority of the growth to the core business, adding that some Q4 revenue did come from the Midjourney partnership.

Butterfly Network (NYSE:BFLY) is a digital health company specializing in transforming care through intuitive software, semiconductor-based ultrasound technology, services, and educational offerings. The company has two portable ultrasound devices on the market: the third-generation Butterfly iQ3 and the second-generation Butterfly iQ+. The Ultrasound-on-Chip technology powers both technologies, allowing them to undertake whole-body imaging on a single handheld probe through digital semiconductor technology.