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

Butterfly Network, Inc. (NYSE:BFLY) has earned a consensus recommendation of “Hold” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $5.5625.

A number of brokerages recently weighed in on BFLY. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Lake Street Capital boosted their target price on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, January 20th. TD Cowen boosted their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Finally, Craig Hallum restated a “buy” rating and set a $5.25 target price on shares of Butterfly Network in a report on Wednesday, January 21st.

Hedge Funds Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KBC Group NV bought a new position in Butterfly Network during the first quarter worth $25,000. Wisconsin Wealth Advisors LLC bought a new position in Butterfly Network during the fourth quarter worth $38,000. ExodusPoint Capital Management LP bought a new position in Butterfly Network during the fourth quarter worth $38,000. Sfmg LLC bought a new position in Butterfly Network during the fourth quarter worth $39,000. Finally, Sanctuary Advisors LLC bought a new position in Butterfly Network during the fourth quarter worth $40,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Trading Down 5.4%

Shares of BFLY opened at $3.94 on Friday. The company has a market cap of $1.00 billion, a price-to-earnings ratio of -13.12 and a beta of 2.27. Butterfly Network has a 1-year low of $1.32 and a 1-year high of $5.72. The company’s fifty day simple moving average is $4.34 and its 200 day simple moving average is $3.68.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $26.53 million for the quarter, compared to the consensus estimate 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, research analysts forecast that Butterfly Network will post -0.18 earnings per share 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.