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

Butterfly Network, Inc. (NYSE:BFLY) has been given a consensus rating of “Hold” by the six analysts that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $5.5625.

BFLY has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Loop Capital set a $5.50 target price on Butterfly Network in a research note on Monday, March 2nd. Finally, Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th.

Insider Activity at Butterfly Network

In other news, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction on Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the sale, the insider directly owned 1,630,407 shares in the company, valued at $7,597,696.62. The trade was a 15.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 21.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently made changes to their positions in BFLY. AWM Investment Company Inc. raised its stake in shares of Butterfly Network by 750.0% during the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after purchasing an additional 3,000,000 shares during the period. Bank of America Corp DE raised its stake in shares of Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after purchasing an additional 1,728,938 shares during the period. First Light Asset Management LLC raised its stake in shares of Butterfly Network by 149.3% during the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock worth $10,686,000 after purchasing an additional 1,684,133 shares during the period. Sei Investments Co. purchased a new stake in Butterfly Network in the 2nd quarter worth about $2,183,000. Finally, Deutsche Bank AG increased its holdings in Butterfly Network by 156.7% in the 4th quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock worth $6,279,000 after acquiring an additional 1,008,556 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors.

Butterfly Network Trading Up 9.8%

Shares of NYSE:BFLY opened at $8.80 on Friday. The stock’s fifty day simple moving average is $5.28 and its two-hundred day simple moving average is $4.33. Butterfly Network has a 1-year low of $1.32 and a 1-year high of $8.94. The stock has a market cap of $2.24 billion, a PE ratio of -29.35 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. On average, sell-side analysts forecast that Butterfly Network will post -0.18 earnings per share for the current fiscal 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.