Butterfly Network, Inc. (NYSE:BFLY) Given Average Recommendation of “Hold” by Brokerages

Shares of Butterfly Network, Inc. (NYSE:BFLY) have received a consensus rating of “Hold” from the seven ratings firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $5.4375.

Several equities research analysts have recently weighed in on the company. Lake Street Capital increased their price target on Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Zacks Research cut Butterfly Network from a “hold” rating to a “strong sell” rating in a report on Thursday. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Craig Hallum restated a “buy” rating and issued a $5.25 price target on shares of Butterfly Network in a research report on Wednesday, January 21st. Finally, Loop Capital set a $5.00 price objective on shares of Butterfly Network in a research note on Wednesday, December 31st.

Butterfly Network Price Performance

BFLY opened at $3.78 on Monday. Butterfly Network has a fifty-two week low of $1.32 and a fifty-two week high of $5.03. The company’s 50 day moving average price is $3.82 and its two-hundred day moving average price is $2.80. The firm has a market capitalization of $955.59 million, a price-to-earnings ratio of -12.20 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. The company had revenue of $31.51 million for the quarter, compared to analyst estimates of $26.25 million. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 32.05%. As a group, equities research analysts predict that Butterfly Network will post -0.35 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In related news, CTO Victor Ku sold 35,968 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $3.82, for a total transaction of $137,397.76. Following the sale, the chief technology officer owned 811,962 shares in the company, valued at $3,101,694.84. This represents a 4.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John N. Doherty sold 60,182 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $3.98, for a total value of $239,524.36. Following the sale, the executive vice president directly owned 1,234,688 shares of the company’s stock, valued at $4,914,058.24. This represents a 4.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 4,725,727 shares of company stock valued at $16,172,849. 25.18% of the stock is currently owned by insiders.

Institutional Trading of Butterfly Network

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new position in Butterfly Network during the 2nd quarter worth approximately $25,000. Ameriprise Financial Inc. acquired a new stake in Butterfly Network in the 3rd quarter valued at $25,000. Y Intercept Hong Kong Ltd acquired a new stake in Butterfly Network in the 3rd quarter valued at $32,000. BNP Paribas Financial Markets increased its stake 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 purchasing an additional 14,244 shares in the last quarter. Finally, Wisconsin Wealth Advisors LLC acquired a new position in Butterfly Network during the fourth quarter worth $38,000. 37.85% of the stock is owned by institutional investors.

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.