Butterfly Network, Inc. (NYSE:BFLY) Receives $5.56 Average PT from Brokerages

Butterfly Network, Inc. (NYSE:BFLY) has been given an average rating of “Hold” by the five brokerages that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $6.5625.

BFLY has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. TD Cowen reissued a “buy” rating and set a $10.00 price target on shares of Butterfly Network in a research note on Friday.

Insider Buying and Selling

In other Butterfly Network news, Director Louise Phanstiel purchased 115,200 shares of the stock in a transaction on Friday, August 14th. The stock was acquired at an average cost of $8.68 per share, with a total value of $999,936.00. Following the completion of the purchase, the director directly owned 300,461 shares of the company’s stock, valued at approximately $2,608,001.48. This trade represents a 62.18% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steve Cashman sold 140,112 shares of the company’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the sale, the insider owned 1,490,295 shares of the company’s stock, valued at approximately $10,879,153.50. The trade was a 8.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 4,743,569 shares of company stock worth $32,219,597 in the last ninety days. 21.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its stake in shares of Butterfly Network by 4.9% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock valued at $358,000 after purchasing an additional 2,000 shares during the period. HighTower Advisors LLC grew its stake in Butterfly Network by 11.5% in the second quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock worth $172,000 after purchasing an additional 2,110 shares during the period. The Manufacturers Life Insurance Company grew its stake in Butterfly Network by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after purchasing an additional 2,125 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Butterfly Network by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after purchasing an additional 2,125 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in Butterfly Network by 24.0% during the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after buying an additional 2,753 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Down 0.1%

NYSE BFLY opened at $7.33 on Friday. The stock’s 50-day simple moving average is $7.99 and its two-hundred day simple moving average is $6.00. Butterfly Network has a twelve month low of $1.52 and a twelve month high of $10.05. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -25.26 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, equities analysts expect that Butterfly Network will post -0.18 earnings per share for the current fiscal year.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.