Butterfly Network, Inc. (NYSE:BFLY) Receives Average Recommendation of “Hold” from Brokerages

Shares of Butterfly Network, Inc. (NYSE:BFLY) have received an average recommendation of “Hold” from the five ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $5.25.

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Loop Capital set a $5.00 price target on Butterfly Network in a research note on Wednesday, December 31st. Lake Street Capital increased their price target on Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $5.25 target price on shares of Butterfly Network in a research note on Wednesday, January 21st.

Butterfly Network Stock Down 3.5%

Butterfly Network stock opened at $4.29 on Thursday. The business’s 50-day moving average price is $3.67 and its 200 day moving average price is $2.53. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of -12.98 and a beta of 2.27. Butterfly Network has a 52 week low of $1.32 and a 52 week high of $5.03.

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

Insiders Place Their Bets

In other Butterfly Network news, Director Jonathan M. Rothberg sold 1,110,579 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $3.15, for a total transaction of $3,498,323.85. Following the transaction, the director directly owned 769,814 shares of the company’s stock, valued at $2,424,914.10. This trade represents a 59.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 7,298,684 shares of company stock worth $24,281,944 in the last ninety days. Corporate insiders own 25.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC raised its holdings in shares of Butterfly Network by 25.4% during the fourth quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock valued at $58,000 after acquiring an additional 3,098 shares during the last quarter. Opal Wealth Advisors LLC increased its position in shares of Butterfly Network by 10.1% during the fourth quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after purchasing an additional 3,355 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Butterfly Network by 45.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 27,811 shares of the company’s stock valued at $56,000 after purchasing an additional 8,657 shares during the last quarter. Levin Capital Strategies L.P. lifted its holdings 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 purchasing an additional 10,000 shares in the last quarter. Finally, Wisconsin Wealth Advisors LLC acquired a new stake in Butterfly Network during the 4th quarter worth $38,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Company Profile

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.