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

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been assigned a consensus recommendation of “Hold” from the six analysts that are covering the firm, MarketBeat 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 target price among analysts that have covered the stock in the last year is $5.5625.

A number of research analysts have recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th.

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, CEO Joseph Devivo sold 204,725 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total transaction of $1,611,185.75. Following the transaction, the chief executive officer directly owned 7,883,844 shares of the company’s stock, valued at $62,045,852.28. This trade represents a 2.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the completion of the sale, the insider owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 736,367 shares of company stock valued at $4,548,090. Insiders own 21.99% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Butterfly Network by 4.3% during the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after acquiring an additional 453,258 shares during the last quarter. ARK Investment Management LLC boosted its stake in shares of Butterfly Network by 1.6% in the fourth quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock worth $23,729,000 after acquiring an additional 99,079 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Butterfly Network by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after acquiring an additional 75,243 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Butterfly Network by 71.0% in the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after acquiring an additional 1,728,938 shares during the last quarter. Finally, AWM Investment Company Inc. increased its position in shares of Butterfly Network by 750.0% during the fourth 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 in the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Trading Down 4.1%

NYSE BFLY opened at $6.54 on Thursday. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -21.81 and a beta of 2.05. The stock has a 50-day moving average of $6.25 and a 200 day moving average of $4.86. Butterfly Network has a twelve month low of $1.32 and a twelve month high of $9.69.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $26.53 million for the quarter, compared to analyst estimates of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. Equities analysts predict that Butterfly Network will post -0.18 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.