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

Butterfly Network, Inc. (NYSE:BFLY) has been assigned an average rating of “Hold” from the five analysts that are covering the stock, Marketbeat Ratings reports. One research 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 twelve-month price target among analysts that have issued ratings on the stock in the last year is $5.25.

BFLY has been the subject of several research reports. Craig Hallum reaffirmed a “buy” rating and set a $5.25 price objective on shares of Butterfly Network in a research note on Wednesday, January 21st. Lake Street Capital increased their price target on Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a report on Tuesday, January 20th. Loop Capital set a $5.00 price objective on Butterfly Network in a research report on Wednesday, December 31st. Finally, Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd.

Butterfly Network Trading Down 2.5%

Shares of BFLY opened at $2.98 on Monday. The firm has a market cap of $753.76 million, a P/E ratio of -9.04 and a beta of 2.27. Butterfly Network has a 12 month low of $1.32 and a 12 month high of $5.03. The stock’s 50 day moving average is $3.80 and its two-hundred day moving average is $2.72.

Insider Activity at Butterfly Network

In related news, Director Jonathan M. Rothberg sold 335,834 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $4.18, for a total value of $1,403,786.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John N. Doherty sold 60,182 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $3.98, for a total value of $239,524.36. Following the completion of the transaction, the executive vice president owned 1,234,688 shares of the company’s stock, valued at $4,914,058.24. The trade was a 4.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 5,975,594 shares of company stock valued at $20,172,770. 25.18% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently made changes to their positions in the stock. Keenan LLC purchased a new stake in Butterfly Network in the fourth quarter valued at approximately $339,000. Invesco Ltd. grew its stake in shares of Butterfly Network by 18.5% in the fourth quarter. Invesco Ltd. now owns 387,881 shares of the company’s stock valued at $1,474,000 after buying an additional 60,538 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Butterfly Network in the 4th quarter valued at $72,000. Skyview Financial Group LLC purchased a new stake in shares of Butterfly Network in the 4th quarter valued at $1,054,000. Finally, XTX Topco Ltd acquired a new position in Butterfly Network during the 4th quarter worth about $521,000. Hedge funds and other institutional investors 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.