Butterfly Network, Inc. (NYSE:BFLY) Receives $5.25 Consensus PT from Analysts

Butterfly Network, Inc. (NYSE:BFLY) has earned a consensus rating of “Hold” from the five research firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $5.25.

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

Insiders Place Their Bets

In related news, EVP John N. Doherty sold 60,182 shares of the firm’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $3.98, for a total value of $239,524.36. Following the completion of the transaction, the executive vice president directly owned 1,234,688 shares of the company’s stock, valued at approximately $4,914,058.24. This trade represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jonathan M. Rothberg sold 335,834 shares of Butterfly Network stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $4.18, for a total transaction of $1,403,786.12. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,298,684 shares of company stock worth $24,281,944 in the last 90 days. 25.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Wisconsin Wealth Advisors LLC bought a new stake in Butterfly Network during the 4th quarter valued at about $38,000. Sanctuary Advisors LLC bought a new stake in Butterfly Network during the 4th quarter valued at $40,000. Merit Financial Group LLC bought a new stake in Butterfly Network during the fourth quarter valued at about $45,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Butterfly Network in the 2nd quarter valued at about $25,000. Finally, Ameriprise Financial Inc. acquired a new stake in Butterfly Network in the third quarter valued at approximately $25,000. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Trading Down 5.1%

Shares of BFLY stock opened at $3.94 on Thursday. Butterfly Network has a 12-month low of $1.32 and a 12-month high of $5.03. The stock has a market capitalization of $995.24 million, a P/E ratio of -11.94 and a beta of 2.27. The firm’s 50 day moving average is $3.73 and its 200 day moving average is $2.56.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, October 31st. The company reported ($0.04) EPS 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 firm had revenue of $21.49 million during the quarter, compared to analyst estimates of $21.23 million. As a group, equities analysts predict that Butterfly Network will post -0.35 earnings per share for the current year.

Butterfly Network Company Profile

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.