Butterfly Network, Inc. (NYSE:BFLY) Stock Has Average Target Price of $8.75

Butterfly Network, Inc. (NYSE:BFLY) has received an average rating of “Moderate Buy” from the eight analysts that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $8.75.

A number of brokerages have recently commented on BFLY. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Friday. Needham & Company LLC began coverage on Butterfly Network in a report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 target price on the stock. TD Cowen restated a “buy” rating and issued a $10.00 target price on shares of Butterfly Network in a report on Friday, September 11th. Evercore started coverage on Butterfly Network in a research report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 target price on the stock. Finally, Canaccord Genuity Group started coverage on Butterfly Network in a report on Monday, October 12th. They set a “buy” rating and a $10.00 target price for the company.

Insider Activity at Butterfly Network

In other Butterfly Network news, CAO Megan Carlson sold 10,114 shares of the company’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $8.74, for a total transaction of $88,396.36. Following the completion of the sale, the chief accounting officer directly owned 401,971 shares of the company’s stock, valued at approximately $3,513,226.54. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joseph Devivo sold 35,790 shares of the firm’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $10.02, for a total transaction of $358,615.80. Following the completion of the transaction, the chief executive officer owned 7,311,930 shares of the company’s stock, valued at approximately $73,265,538.60. The trade was a 0.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 285,855 shares of company stock valued at $2,426,034. Corporate insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BFLY. V Square Quantitative Management LLC acquired a new position in Butterfly Network during the third quarter valued at $42,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Butterfly Network in the 3rd quarter valued at about $46,000. KBC Group NV acquired a new position in shares of Butterfly Network in the 1st quarter valued at about $25,000. Sterling Capital Management LLC lifted its position in shares of Butterfly Network by 880.0% in the third quarter. Sterling Capital Management LLC now owns 7,242 shares of the company’s stock worth $65,000 after purchasing an additional 6,503 shares in the last quarter. Finally, Benchmark Financial Wealth Advisors LLC purchased a new stake in shares of Butterfly Network in the third quarter worth approximately $94,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Trading Down 3.8%

Shares of Butterfly Network stock opened at $6.15 on Friday. The company’s 50-day moving average price is $8.00 and its two-hundred day moving average price is $6.05. Butterfly Network has a 52 week low of $1.90 and a 52 week high of $10.21. The stock has a market cap of $1.64 billion, a PE ratio of -29.27 and a beta of 2.04.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, October 29th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $32.60 million for the quarter, compared to the consensus estimate of $28.37 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. On average, equities analysts predict that Butterfly Network will post -0.18 EPS for the current fiscal year.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company’s core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems’ large arrays of piezoelectric transducers with a compact, software-driven probe.

Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.