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

Butterfly Network, Inc. (NYSE:BFLY) has received an average rating of “Hold” from the six ratings firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $5.5625.

BFLY has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. TD Cowen lifted their price target on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Loop Capital set a $5.50 price target on shares of Butterfly Network in a research report on Monday, March 2nd. Finally, Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th.

Butterfly Network Stock Performance

Shares of NYSE BFLY opened at $5.11 on Wednesday. Butterfly Network has a 52-week low of $1.32 and a 52-week high of $5.72. The business has a fifty day moving average of $4.56 and a two-hundred day moving average of $3.98. The stock has a market cap of $1.30 billion, a PE ratio of -17.04 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last announced its 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. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The business had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. Analysts predict that Butterfly Network will post -0.18 earnings per share for the current year.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the transaction, the insider owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. This represents a 15.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently made changes to their positions in the company. KBC Group NV bought a new position in Butterfly Network in the first quarter valued at about $25,000. Wisconsin Wealth Advisors LLC acquired a new position in Butterfly Network during the 4th quarter valued at about $38,000. ExodusPoint Capital Management LP acquired a new position in Butterfly Network during the 4th quarter valued at about $38,000. Sfmg LLC bought a new position in shares of Butterfly Network in the 4th quarter valued at about $39,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Butterfly Network in the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.