Butterfly Network, Inc. (NYSE:BFLY) Receives $5.56 Consensus Price Target from Analysts

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

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th.

Insiders Place Their Bets

In other Butterfly Network news, CAO Megan Carlson sold 41,303 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $7.96, for a total value of $328,771.88. Following the completion of the sale, the chief accounting officer owned 465,906 shares in the company, valued at approximately $3,708,611.76. This trade represents a 8.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Steve Cashman sold 294,680 shares of the business’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 completion of the transaction, the insider owned 1,630,407 shares in the company, valued at $7,597,696.62. The trade was a 15.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 736,367 shares of company stock worth $4,548,090 in the last ninety days. 21.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BFLY. KBC Group NV bought a new position in Butterfly Network in the 1st quarter valued at $25,000. ExodusPoint Capital Management LP bought a new stake in shares of Butterfly Network during the 4th quarter worth $38,000. Sfmg LLC purchased a new position in shares of Butterfly Network in the 4th quarter worth about $39,000. Sanctuary Advisors LLC purchased a new position in shares of Butterfly Network in the 4th quarter worth about $40,000. Finally, Merit Financial Group LLC bought a new position in Butterfly Network during the fourth quarter valued at about $45,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Up 6.8%

Shares of NYSE:BFLY opened at $7.03 on Thursday. The firm has a market cap of $1.79 billion, a P/E ratio of -23.42 and a beta of 2.05. Butterfly Network has a 12-month low of $1.32 and a 12-month high of $9.69. The business has a fifty day simple moving average of $6.42 and a 200 day simple moving average of $4.92.

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