Butterfly Network, Inc. (NYSE:BFLY) Receives Average Recommendation of “Hold” from Analysts

Butterfly Network, Inc. (NYSE:BFLY) has received a consensus rating of “Hold” from the five ratings firms that are covering the stock, Marketbeat Ratings reports. One investment 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 ratings on the stock in the last year is $5.5625.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd.

Butterfly Network Trading Down 0.5%

NYSE:BFLY opened at $9.50 on Monday. Butterfly Network has a 12-month low of $1.39 and a 12-month high of $10.05. The firm has a market cap of $2.53 billion, a PE ratio of -32.76 and a beta of 2.09. The stock has a fifty day moving average price of $7.91 and a 200 day moving average price of $5.50.

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

Insider Transactions at Butterfly Network

In other Butterfly Network news, CEO Joseph Devivo sold 211,798 shares of Butterfly Network stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $6.56, for a total transaction of $1,389,394.88. Following the completion of the sale, the chief executive officer directly owned 7,672,046 shares of the company’s stock, valued at $50,328,621.76. The trade was a 2.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director S. Louise Phanstiel acquired 115,200 shares of the stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $8.68 per share, with a total value of $999,936.00. Following the completion of the transaction, the director owned 300,461 shares in the company, valued at approximately $2,608,001.48. This represents a 62.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 4,987,405 shares of company stock valued at $32,975,004 over the last ninety days. Company insiders own 21.99% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC purchased a new position in shares of Butterfly Network during the first quarter worth about $446,000. Bank of America Corp DE lifted its holdings in shares of Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Butterfly Network by 30.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after purchasing an additional 557,100 shares during the period. Sei Investments Co. boosted its position in shares of Butterfly Network by 30.6% in the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock valued at $9,288,000 after purchasing an additional 539,171 shares during the period. Finally, Clough Capital Partners L P purchased a new position in Butterfly Network during the 4th quarter worth approximately $845,000. Hedge funds and other institutional investors 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.