Brokerages Set Butterfly Network, Inc. (NYSE:BFLY) Target Price at $5.56

Shares of Butterfly Network, Inc. (NYSE:BFLY) have earned a consensus rating of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat reports. Two research analysts have 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 objective among brokers that have issued a report on the stock in the last year is $5.5625.

A number of equities analysts recently commented on BFLY shares. Zacks Research cut shares of Butterfly Network from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. Craig Hallum reissued a “buy” rating and issued a $5.25 price objective on shares of Butterfly Network in a research report on Wednesday, January 21st. Lake Street Capital raised their price objective on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Loop Capital set a $5.50 target price on Butterfly Network in a research report on Monday, March 2nd. Finally, TD Cowen upped their target price on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research note on Friday, February 27th.

Insider Activity at Butterfly Network

In other news, Director Jonathan M. Rothberg sold 452,729 shares of Butterfly Network stock in a transaction on Wednesday, January 7th. The stock was 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 directly owned 335,834 shares in the company, valued at approximately $1,390,352.76. This trade represents a 57.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Victor Ku sold 35,968 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $3.82, for a total transaction of $137,397.76. Following the sale, the chief technology officer directly owned 811,962 shares of the company’s stock, valued at $3,101,694.84. This represents a 4.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,236,330 shares of company stock worth $5,072,023 in the last quarter. 25.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in shares of Butterfly Network by 114.7% during the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock valued at $8,680,000 after acquiring an additional 2,317,882 shares in the last quarter. Perkins Capital Management Inc. boosted its holdings in shares of Butterfly Network by 213.0% in the third quarter. Perkins Capital Management Inc. now owns 924,280 shares of the company’s stock valued at $1,784,000 after purchasing an additional 629,020 shares during the period. DNB Asset Management AS grew its stake in Butterfly Network by 145.0% in the second quarter. DNB Asset Management AS now owns 281,715 shares of the company’s stock worth $563,000 after purchasing an additional 166,749 shares in the last quarter. XTX Topco Ltd increased its holdings in Butterfly Network by 216.3% during the 2nd quarter. XTX Topco Ltd now owns 257,316 shares of the company’s stock worth $515,000 after purchasing an additional 175,963 shares during the period. Finally, Hood River Capital Management LLC increased 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 during the period. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Performance

NYSE:BFLY opened at $4.18 on Friday. The firm has a market capitalization of $1.06 billion, a PE ratio of -13.47 and a beta of 2.27. The stock’s fifty day moving average is $3.77 and its 200 day moving average is $3.10. Butterfly Network has a fifty-two week low of $1.32 and a fifty-two week high of $5.03.

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