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

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been assigned an average recommendation of “Hold” from the six analysts that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $5.5625.

Several equities research analysts have recently commented on the stock. Lake Street Capital upped their price target on shares of Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Craig Hallum reaffirmed a “buy” rating and set a $5.25 price target on shares of Butterfly Network in a research report on Wednesday, January 21st. Loop Capital set a $5.50 price target on shares of Butterfly Network in a research report on Monday, March 2nd. Finally, TD Cowen upped their price target on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research report on Friday, February 27th.

Butterfly Network Stock Performance

BFLY opened at $5.46 on Tuesday. The stock has a market capitalization of $1.39 billion, a P/E ratio of -17.61 and a beta of 2.21. The company’s 50-day simple moving average is $3.84 and its two-hundred day simple moving average is $3.39. Butterfly Network has a 52-week low of $1.32 and a 52-week high of $5.62.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. The business had revenue of $31.51 million for the quarter, compared to analysts’ expectations of $26.25 million. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 33.13%. Research analysts forecast that Butterfly Network will post -0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently made changes to their positions in BFLY. Invesco Ltd. purchased a new stake in shares of Butterfly Network during the 1st quarter valued at about $85,000. Goldman Sachs Group Inc. increased its position in shares of Butterfly Network by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after purchasing an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Butterfly Network by 9,055.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after purchasing an additional 91,012 shares during the last quarter. Legal & General Group Plc increased its position in shares of Butterfly Network by 136.5% during the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after purchasing an additional 119,455 shares during the last quarter. Finally, Rhumbline Advisers purchased a new stake in Butterfly Network in the 2nd quarter worth approximately $475,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.