Butterfly Network, Inc. (NYSE:BFLY) Given Consensus Rating of “Hold” by Analysts

Butterfly Network, Inc. (NYSE:BFLY) has been given an average rating of “Hold” by the six brokerages that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $5.5625.

A number of analysts have commented on BFLY shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th.

Butterfly Network Trading Up 0.1%

NYSE:BFLY opened at $7.69 on Friday. The company has a market cap of $1.96 billion, a PE ratio of -25.63 and a beta of 2.05. Butterfly Network has a twelve month low of $1.32 and a twelve month high of $9.69. The company’s 50 day moving average is $5.55 and its two-hundred day moving average is $4.51.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. As a group, analysts expect that Butterfly Network will post -0.18 EPS for the current fiscal year.

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.66, for a total value of $1,373,208.80. Following the sale, the insider owned 1,630,407 shares in the company, valued at $7,597,696.62. This represents a 15.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 21.99% of the stock is owned by company insiders.

Institutional Trading of Butterfly Network

Several large investors have recently made changes to their positions in the business. AWM Investment Company Inc. raised its holdings in shares of Butterfly Network by 750.0% during the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after purchasing an additional 3,000,000 shares during the last quarter. Bank of America Corp DE boosted its holdings in Butterfly Network by 71.0% in the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. First Light Asset Management LLC grew its position in Butterfly Network by 149.3% during the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock worth $10,686,000 after purchasing an additional 1,684,133 shares during the period. Sei Investments Co. acquired a new stake in Butterfly Network during the 2nd quarter worth about $2,183,000. Finally, Deutsche Bank AG raised its stake in shares of Butterfly Network by 156.7% during the 4th quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock valued at $6,279,000 after buying an additional 1,008,556 shares during the last quarter. 37.85% of the stock is owned by hedge funds and other 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.