Brokerages Set Butterfly Network, Inc. (NYSE:BFLY) PT at $5.25

Butterfly Network, Inc. (NYSE:BFLY) has been assigned an average rating of “Hold” from the five analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $5.25.

BFLY has been the subject of several research reports. Craig Hallum reaffirmed a “buy” rating and issued a $5.25 price target on shares of Butterfly Network in a research report on Wednesday, January 21st. Lake Street Capital boosted their price objective on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Finally, Loop Capital set a $5.00 target price on Butterfly Network in a research report on Wednesday, December 31st.

Butterfly Network Price Performance

BFLY stock opened at $3.09 on Monday. Butterfly Network has a 1-year low of $1.32 and a 1-year high of $5.03. The business has a 50-day moving average price of $3.79 and a 200 day moving average price of $2.75. The company has a market capitalization of $779.27 million, a P/E ratio of -9.35 and a beta of 2.27.

Insider Activity at Butterfly Network

In other news, CTO Victor Ku sold 35,968 shares of Butterfly Network stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $3.82, for a total value of $137,397.76. Following the transaction, the chief technology officer owned 811,962 shares of the company’s stock, valued at $3,101,694.84. The trade was a 4.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan M. Rothberg sold 335,834 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $4.18, for a total transaction of $1,403,786.12. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,858,297 shares of company stock valued at $16,581,164 over the last quarter. 25.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Butterfly Network during the 2nd quarter valued at $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the 3rd quarter worth $25,000. Y Intercept Hong Kong Ltd acquired a new position in Butterfly Network during the 3rd quarter valued at about $32,000. BNP Paribas Financial Markets increased its position in Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after buying an additional 14,244 shares in the last quarter. Finally, Wisconsin Wealth Advisors LLC purchased a new stake in Butterfly Network in the fourth quarter valued at about $38,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

About Butterfly Network

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.