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

Shares of Butterfly Network, Inc. (NYSE:BFLY) have earned an average recommendation of “Hold” from the six ratings firms that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $5.5625.

BFLY has been the subject of several research reports. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research report on Monday, March 2nd. Zacks Research downgraded shares of Butterfly Network from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Craig Hallum reaffirmed a “buy” rating and issued a $5.25 price objective on shares of Butterfly Network in a research note on Wednesday, January 21st. Finally, TD Cowen raised their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research report on Friday, February 27th.

Insider Buying and Selling

In related news, EVP John N. Doherty sold 60,182 shares of the company’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $3.98, for a total transaction of $239,524.36. Following the completion of the sale, the executive vice president directly owned 1,234,688 shares in the company, valued at $4,914,058.24. This represents a 4.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jonathan M. Rothberg sold 452,729 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $4.14, for a total value of $1,874,298.06. Following the sale, the director directly owned 335,834 shares in the company, valued at approximately $1,390,352.76. The trade was a 57.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,298,695 shares of company stock valued at $5,322,080 over the last 90 days. Corporate insiders own 25.18% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BFLY. Geode Capital Management LLC boosted its position in shares of Butterfly Network by 114.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after purchasing an additional 2,317,882 shares in the last quarter. Perkins Capital Management Inc. grew its stake in shares of Butterfly Network by 213.0% during the third quarter. Perkins Capital Management Inc. now owns 924,280 shares of the company’s stock worth $1,784,000 after acquiring an additional 629,020 shares during the last quarter. DNB Asset Management AS boosted its stake in Butterfly Network by 145.0% in the 2nd quarter. DNB Asset Management AS now owns 281,715 shares of the company’s stock worth $563,000 after purchasing an additional 166,749 shares in the last quarter. XTX Topco Ltd grew its position in Butterfly Network by 216.3% during the 2nd quarter. XTX Topco Ltd now owns 257,316 shares of the company’s stock worth $515,000 after purchasing an additional 175,963 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey acquired a new position in Butterfly Network during the 2nd quarter valued at approximately $91,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Price Performance

Shares of NYSE BFLY opened at $3.96 on Friday. The firm has a 50-day simple moving average of $3.80 and a two-hundred day simple moving average of $3.01. Butterfly Network has a 1 year low of $1.32 and a 1 year high of $5.03. The company has a market cap of $999.79 million, a P/E ratio of -12.77 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. The company had revenue of $31.51 million for the quarter, compared to the consensus estimate of $26.25 million. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%. As a group, equities research analysts expect that Butterfly Network will post -0.35 EPS for the current year.

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.