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

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

Several brokerages have recently commented on BFLY. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th.

Insider Activity

In other Butterfly Network news, Director Dawn Carfora sold 112,009 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $2.69, for a total value of $301,304.21. Following the completion of the transaction, the director directly owned 265,505 shares of the company’s stock, valued at approximately $714,208.45. The trade was a 29.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan M. Rothberg sold 1,110,579 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $3.15, for a total value of $3,498,323.85. Following the sale, the director directly owned 769,814 shares in the company, valued at approximately $2,424,914.10. This represents a 59.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 2,676,439 shares of company stock worth $8,427,023. Corporate insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BFLY. Teacher Retirement System of Texas increased its holdings in Butterfly Network by 45.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 27,811 shares of the company’s stock worth $56,000 after purchasing an additional 8,657 shares in the last quarter. Lazari Capital Management Inc. raised its position in Butterfly Network by 53.1% in the 2nd quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company’s stock valued at $57,000 after buying an additional 9,941 shares during the last quarter. Levin Capital Strategies L.P. lifted its stake in Butterfly Network by 16.7% in the 2nd quarter. Levin Capital Strategies L.P. now owns 70,000 shares of the company’s stock valued at $140,000 after acquiring an additional 10,000 shares in the last quarter. Blair William & Co. IL boosted its position in Butterfly Network by 8.4% during the 3rd quarter. Blair William & Co. IL now owns 128,500 shares of the company’s stock worth $248,000 after acquiring an additional 10,000 shares during the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of Butterfly Network by 10.0% during the 2nd quarter. California State Teachers Retirement System now owns 131,640 shares of the company’s stock worth $263,000 after acquiring an additional 11,985 shares in the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Price Performance

Butterfly Network stock opened at $3.10 on Wednesday. The business has a 50 day simple moving average of $2.49 and a 200 day simple moving average of $2.09. The company has a market capitalization of $781.80 million, a PE ratio of -9.38 and a beta of 2.34. Butterfly Network has a one year low of $1.32 and a one year high of $4.98.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The firm had revenue of $21.49 million during the quarter, compared to analyst estimates of $21.23 million. Equities analysts anticipate that Butterfly Network will post -0.35 earnings per share 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.