Butterfly Network, Inc. (NYSE:BFLY) Receives $5.25 Average PT from Analysts

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been given an average recommendation of “Hold” by the five brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $5.25.

A number of equities analysts have recently issued reports on the company. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Lake Street Capital raised their price target 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Craig Hallum reissued a “buy” rating and set a $5.25 target price on shares of Butterfly Network in a research note on Wednesday, January 21st. Finally, Loop Capital set a $5.00 target price on shares of Butterfly Network in a report on Wednesday, December 31st.

Insider Activity

In related news, Director Jonathan M. Rothberg sold 1,110,579 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $3.15, for a total transaction of $3,498,323.85. Following the sale, the director owned 769,814 shares in the company, valued at $2,424,914.10. This represents a 59.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 7,086,173 shares of company stock valued at $23,671,094. 25.18% of the stock is owned by insiders.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently added to or reduced their stakes in BFLY. Kestra Private Wealth Services LLC increased its holdings in shares of Butterfly Network by 11.0% during the fourth quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock valued at $211,000 after acquiring an additional 5,500 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Butterfly Network in the 4th quarter valued at $40,000. Quent Capital LLC bought a new stake in Butterfly Network during the 4th quarter valued at $697,000. Merit Financial Group LLC acquired a new position in Butterfly Network during the fourth quarter worth $45,000. Finally, Opal Wealth Advisors LLC lifted its stake in shares of Butterfly Network by 10.1% in the fourth quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock valued at $139,000 after buying an additional 3,355 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Stock Down 6.6%

Shares of Butterfly Network stock opened at $3.67 on Thursday. The stock has a market cap of $927.04 million, a price-to-earnings ratio of -11.12 and a beta of 2.27. Butterfly Network has a twelve month low of $1.32 and a twelve month high of $5.03. The company’s fifty day moving average is $3.77 and its 200 day moving average is $2.60.

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.