Analysts Set Butterfly Network, Inc. (NYSE:BFLY) PT at $3.00

Butterfly Network, Inc. (NYSE:BFLY) has earned an average recommendation of “Hold” from the five brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $3.00.

BFLY has been the topic of a number of recent research reports. Wall Street Zen cut shares of Butterfly Network from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Oppenheimer reiterated a “market perform” rating on shares of Butterfly Network in a research report on Friday, August 1st. Finally, Craig Hallum reissued a “positive” rating and issued a $2.00 price target on shares of Butterfly Network in a research note on Monday, August 4th.

Insider Activity

In related news, Director Dawn Carfora sold 112,009 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $2.69, for a total transaction of $301,304.21. Following the completion of the sale, the director directly owned 265,505 shares in the company, valued at $714,208.45. This represents a 29.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jonathan M. Rothberg sold 100,502 shares of Butterfly Network stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $3.08, for a total value of $309,546.16. Following the completion of the transaction, the director directly owned 1,140,007 shares in the company, valued at $3,511,221.56. This trade represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 370,628 shares of company stock valued at $848,060. Insiders own 25.18% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors have recently added to or reduced their stakes in the company. TradeLink Capital LLC purchased a new position in shares of Butterfly Network in the first quarter valued at about $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Butterfly Network during the second quarter worth about $25,000. CTC Alternative Strategies Ltd. bought a new stake in shares of Butterfly Network in the first quarter worth about $29,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the 3rd quarter valued at about $25,000. Finally, Deutsche Bank AG bought a new position in Butterfly Network during the 1st quarter valued at approximately $31,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Performance

Shares of NYSE:BFLY opened at $1.99 on Friday. The firm has a market capitalization of $501.41 million, a PE ratio of -6.02 and a beta of 2.65. Butterfly Network has a 52-week low of $1.32 and a 52-week high of $4.98. The firm has a fifty day moving average of $2.15 and a 200 day moving average of $2.02.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The business had revenue of $21.49 million for the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. Butterfly Network has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Butterfly Network will post -0.35 EPS for the current fiscal year.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.