Butterfly Network, Inc. (NYSE:BFLY) Receives $5.56 Consensus Target Price from Brokerages

Butterfly Network, Inc. (NYSE:BFLY) has been assigned a consensus recommendation of “Hold” from the six ratings firms that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $5.5625.

BFLY has been the subject of several research reports. Lake Street Capital lifted their target price on Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Craig Hallum reissued a “buy” rating and set a $5.25 price target on shares of Butterfly Network in a research report on Wednesday, January 21st. Loop Capital set a $5.50 price objective on Butterfly Network in a research note on Monday, March 2nd. Wall Street Zen raised shares of Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Finally, TD Cowen boosted their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research note on Friday, February 27th.

Butterfly Network Stock Performance

Shares of BFLY stock opened at $3.97 on Friday. Butterfly Network has a one year low of $1.32 and a one year high of $5.03. The company’s 50-day simple moving average is $3.80 and its 200-day simple moving average is $3.05. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -12.79 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%.The firm had revenue of $31.51 million during the quarter, compared to analyst estimates of $26.25 million. As a group, research analysts forecast that Butterfly Network will post -0.35 EPS for the current year.

Insider Activity

In related news, Director Jonathan M. Rothberg sold 452,729 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $4.14, for a total transaction of $1,874,298.06. Following the completion of the sale, the director owned 335,834 shares of the company’s stock, valued at $1,390,352.76. This represents a 57.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Victor Ku sold 35,968 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $3.82, for a total transaction of $137,397.76. Following the sale, the chief technology officer owned 811,962 shares in the company, valued at approximately $3,101,694.84. This trade represents a 4.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,298,695 shares of company stock valued at $5,322,080. Company insiders own 25.18% of the company’s stock.

Institutional Trading of Butterfly Network

Hedge funds have recently made changes to their positions in the stock. Ameriprise Financial Inc. acquired a new position in Butterfly Network during the 3rd quarter valued at approximately $25,000. Y Intercept Hong Kong Ltd acquired a new stake in Butterfly Network in the third quarter worth $32,000. BNP Paribas Financial Markets increased its position in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after buying an additional 14,244 shares during the period. Wisconsin Wealth Advisors LLC bought a new stake in Butterfly Network in the fourth quarter valued at $38,000. Finally, ExodusPoint Capital Management LP bought a new stake in Butterfly Network in the fourth quarter valued at $38,000. 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.