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

Shares of Butterfly Network, Inc. (NYSE:BFLY) have earned an average recommendation of “Hold” from the six research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $5.5625.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th.

Insider Buying and Selling 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 value of $1,373,208.80. Following the completion of the sale, the insider 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John N. Doherty sold 55,229 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total value of $434,652.23. Following the completion of the transaction, the executive vice president owned 1,454,412 shares in the company, valued at $11,446,222.44. This represents a 3.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 736,367 shares of company stock worth $4,548,090 over the last quarter. Insiders own 21.99% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently modified their holdings of the business. KBC Group NV bought a new position in Butterfly Network during the first quarter valued at about $25,000. Ameriprise Financial Inc. bought a new position in shares of Butterfly Network in the 3rd quarter valued at approximately $25,000. BNP Paribas Financial Markets lifted its holdings in Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after purchasing an additional 14,244 shares during the last quarter. ExodusPoint Capital Management LP bought a new stake in Butterfly Network during the fourth quarter worth approximately $38,000. Finally, Sfmg LLC acquired a new position in Butterfly Network during the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Stock Down 2.1%

Shares of NYSE:BFLY opened at $6.48 on Thursday. The firm has a fifty day moving average of $6.35 and a two-hundred day moving average of $4.89. Butterfly Network has a 12-month low of $1.32 and a 12-month high of $9.69. The firm has a market capitalization of $1.65 billion, a P/E ratio of -21.61 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 million. Equities research analysts expect that Butterfly Network will post -0.18 earnings per share for the current fiscal 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.