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

Shares of Butterfly Network, Inc. (NYSE:BFLY) have received an average recommendation of “Hold” from the six brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $5.5625.

Several equities research analysts recently commented on the stock. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th.

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the transaction, the insider directly owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. The trade was a 15.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in shares of Butterfly Network by 71.0% in the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after acquiring an additional 1,728,938 shares during the last quarter. Janus Henderson Group PLC acquired a new position in Butterfly Network during the 1st quarter worth about $446,000. Quantinno Capital Management LP acquired a new position in shares of Butterfly Network in the first quarter worth approximately $73,000. Sei Investments Co. lifted 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 worth $9,288,000 after purchasing an additional 539,171 shares during the period. Finally, State of Wyoming acquired a new position in Butterfly Network in the first quarter valued at $143,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Price Performance

Shares of BFLY stock opened at $7.69 on Friday. The stock has a market cap of $1.96 billion, a PE ratio of -25.63 and a beta of 2.04. The stock has a 50-day moving average of $5.51 and a 200-day moving average of $4.49. Butterfly Network has a one year low of $1.32 and a one year high of $9.69.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The firm had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. As a group, research analysts anticipate that Butterfly Network will post -0.18 earnings per share 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.