Butterfly Network, Inc. (NYSE:BFLY) Receives $3.67 Consensus Target Price from Analysts

Butterfly Network, Inc. (NYSE:BFLY) has been given an average recommendation of “Hold” by the five brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $3.6667.

Several research firms recently commented on BFLY. Loop Capital set a $5.00 price objective on Butterfly Network in a research note on Wednesday, December 31st. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th.

Insiders Place Their Bets

In other news, Director Jonathan M. Rothberg sold 1,110,579 shares of Butterfly Network stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $3.15, for a total value of $3,498,323.85. Following the completion of the transaction, the director owned 769,814 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 6,062,354 shares of company stock worth $19,209,921 in the last three months. 25.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position 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 worth $21,307,000 after acquiring an additional 453,258 shares in the last quarter. Hood River Capital Management LLC lifted its holdings in Butterfly Network by 3.6% during the 2nd quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock worth $10,255,000 after purchasing an additional 176,515 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Butterfly Network by 114.7% during 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. Acadian Asset Management LLC boosted its stake in Butterfly Network by 44.7% in the 2nd quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock worth $4,624,000 after purchasing an additional 714,764 shares during the period. Finally, Raymond James Financial Inc. grew its holdings in Butterfly Network by 10.1% during the 2nd quarter. Raymond James Financial Inc. now owns 1,218,878 shares of the company’s stock valued at $2,438,000 after buying an additional 111,699 shares in the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Stock Performance

Shares of NYSE:BFLY opened at $4.07 on Friday. The company has a market capitalization of $1.03 billion, a P/E ratio of -12.32 and a beta of 2.27. The company’s 50-day moving average is $3.02 and its 200 day moving average is $2.26. Butterfly Network has a fifty-two week low of $1.32 and a fifty-two week high of $4.98.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, October 31st. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. The business had revenue of $21.49 million for the quarter, compared to analyst estimates of $21.23 million. As a group, research analysts predict that Butterfly Network will post -0.35 earnings per share 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.