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

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been assigned a consensus rating of “Hold” from the five research firms that are presently covering the stock, Marketbeat reports. One equities 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 12-month price objective among analysts that have issued a report on the stock in the last year is $5.25.

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

Butterfly Network Stock Performance

Shares of BFLY stock opened at $2.98 on Monday. Butterfly Network has a fifty-two week low of $1.32 and a fifty-two week high of $5.03. The company has a 50 day moving average price of $3.80 and a 200 day moving average price of $2.72. The stock has a market capitalization of $753.76 million, a P/E ratio of -9.04 and a beta of 2.27.

Insider Buying and Selling

In related news, CTO Victor Ku sold 35,968 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $3.82, for a total value of $137,397.76. Following the sale, the chief technology officer owned 811,962 shares of the company’s stock, valued at $3,101,694.84. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John N. Doherty sold 60,182 shares of Butterfly Network stock in a transaction that occurred 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 transaction, the executive vice president owned 1,234,688 shares of the company’s stock, valued at $4,914,058.24. This represents a 4.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 5,975,594 shares of company stock worth $20,172,770. Company insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

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