Butterfly Network, Inc. (NYSE:BFLY) Receives Average Rating of “Hold” from Brokerages

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been given an average recommendation of “Hold” by the five brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $5.25.

A number of analysts recently weighed in on the stock. Loop Capital set a $5.00 price objective on shares of Butterfly Network in a research report on Wednesday, December 31st. Lake Street Capital increased their price target on Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Finally, Craig Hallum restated a “buy” rating and issued a $5.25 target price on shares of Butterfly Network in a research note on Wednesday, January 21st.

Insider Transactions at Butterfly Network

In other Butterfly Network news, Director Jonathan M. Rothberg sold 1,110,579 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $3.15, for a total transaction of $3,498,323.85. Following the transaction, the director owned 769,814 shares of the company’s stock, valued at approximately $2,424,914.10. This trade represents a 59.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 7,086,173 shares of company stock worth $23,671,094. 25.18% of the stock is owned by corporate insiders.

Institutional Trading of Butterfly Network

A number of hedge funds have recently bought and sold shares of BFLY. Vanguard Group Inc. lifted its stake in shares of Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after purchasing an additional 453,258 shares during the last quarter. Hood River Capital Management LLC raised its position in shares of Butterfly Network by 3.6% in the 2nd quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock valued at $10,255,000 after purchasing an additional 176,515 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Butterfly Network by 114.7% in the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after buying an additional 2,317,882 shares during the last quarter. Acadian Asset Management LLC lifted its position in Butterfly Network by 44.7% during the 2nd quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock worth $4,624,000 after acquiring an additional 714,764 shares during the period. Finally, Raymond James Financial Inc. grew its stake in Butterfly Network by 10.1% during the 2nd quarter. Raymond James Financial Inc. now owns 1,218,878 shares of the company’s stock valued at $2,438,000 after purchasing an additional 111,699 shares during the last quarter. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Down 3.4%

Shares of BFLY opened at $3.83 on Thursday. The business has a fifty day moving average of $3.74 and a 200 day moving average of $2.58. The company has a market cap of $966.20 million, a PE ratio of -11.59 and a beta of 2.27. Butterfly Network has a 52-week low of $1.32 and a 52-week high of $5.03.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. The business had revenue of $21.49 million for the quarter, compared to the consensus estimate of $21.23 million. As a group, research analysts anticipate that Butterfly Network will post -0.35 earnings per share for the current fiscal year.

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.