Butterfly Network, Inc. (NYSE:BFLY) Receives Consensus Rating of “Hold” from Analysts

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

BFLY has been the topic of a number of recent research reports. Loop Capital set a $5.00 price objective on Butterfly Network in a research note on Wednesday, December 31st. Lake Street Capital boosted their price target on shares of Butterfly Network from $4.00 to $5.50 and gave the company 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. 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. Finally, Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd.

Insider Buying and Selling

In other Butterfly Network news, Director Jonathan M. Rothberg sold 1,110,579 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $3.15, for a total transaction of $3,498,323.85. Following the completion of the sale, the director 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 7,298,684 shares of company stock valued at $24,281,944 in the last 90 days. Corporate insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently modified their holdings of the business. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Butterfly Network during the 2nd quarter worth about $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the third quarter worth about $25,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Butterfly Network during the third quarter valued at about $32,000. BNP Paribas Financial Markets raised its stake in shares of Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after acquiring an additional 14,244 shares during the period. Finally, Wisconsin Wealth Advisors LLC acquired a new position in shares of Butterfly Network in the 4th quarter worth approximately $38,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Trading Down 3.5%

Shares of NYSE BFLY opened at $4.29 on Thursday. The stock has a market cap of $1.08 billion, a PE ratio of -12.98 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 company has a 50-day moving average of $3.67 and a 200 day moving average of $2.53.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share 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 business had revenue of $21.49 million for the quarter, compared to analysts’ expectations of $21.23 million. On average, sell-side analysts forecast that Butterfly Network will post -0.35 EPS for the current fiscal year.

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.