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

Butterfly Network, Inc. (NYSE:BFLY) has been given a consensus rating of “Hold” by the five ratings firms that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $6.5625.

BFLY has been the subject of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. TD Cowen reissued a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a research note on Friday, September 11th.

Insiders Place Their Bets

In other news, CEO Joseph Devivo sold 68,346 shares of Butterfly Network stock in a transaction on Monday, August 10th. The stock was sold at an average price of $10.01, for a total transaction of $684,143.46. Following the transaction, the chief executive officer owned 7,603,700 shares in the company, valued at $76,113,037. The trade was a 0.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steve Cashman sold 140,112 shares of the business’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 transaction, the insider directly owned 1,490,295 shares in the company, valued at approximately $10,879,153.50. The trade was a 8.59% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 4,743,569 shares of company stock worth $32,219,597. 21.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE increased its position in shares of Butterfly Network by 71.0% during the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after acquiring an additional 1,728,938 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Butterfly Network in the 2nd quarter valued at approximately $4,878,000. Dimensional Fund Advisors LP raised its position in Butterfly Network by 30.9% in the first 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. raised its position in Butterfly Network by 30.6% in the first 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, Polen Capital Management LLC acquired a new position in Butterfly Network during the fourth quarter worth $1,797,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Trading Up 4.9%

Shares of NYSE BFLY opened at $7.77 on Friday. Butterfly Network has a 12-month low of $1.60 and a 12-month high of $10.05. The stock has a market cap of $2.07 billion, a PE ratio of -26.80 and a beta of 2.08. The company has a 50-day moving average of $7.98 and a 200 day moving average of $6.06.

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