Butterfly Network, Inc. (NYSE:BFLY) Receives $3.00 Average PT from Analysts

Butterfly Network, Inc. (NYSE:BFLY) has been given an average rating of “Hold” by the five analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $3.00.

Several research analysts have recently commented on BFLY shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd.

Butterfly Network Price Performance

BFLY opened at $3.00 on Wednesday. The firm has a market capitalization of $757.80 million, a price-to-earnings ratio of -9.09 and a beta of 2.34. The company’s 50 day simple moving average is $2.55 and its two-hundred day simple moving average is $2.10. Butterfly Network has a 1-year low of $1.32 and a 1-year high of $4.98.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Friday, October 31st. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. The firm had revenue of $21.49 million during the quarter, compared to analysts’ expectations of $21.23 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. On average, equities analysts anticipate that Butterfly Network will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jonathan M. Rothberg sold 193,293 shares of Butterfly Network stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $3.08, for a total transaction of $595,342.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 4,227,401 shares of company stock worth $13,369,886. 25.18% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas raised its position in Butterfly Network by 45.2% in the second quarter. Teacher Retirement System of Texas now owns 27,811 shares of the company’s stock valued at $56,000 after purchasing an additional 8,657 shares during the period. Lazari Capital Management Inc. grew its stake in shares of Butterfly Network by 53.1% in the second quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company’s stock valued at $57,000 after buying an additional 9,941 shares in the last quarter. Levin Capital Strategies L.P. grew its stake in shares of Butterfly Network by 16.7% in the second quarter. Levin Capital Strategies L.P. now owns 70,000 shares of the company’s stock valued at $140,000 after buying an additional 10,000 shares in the last quarter. Blair William & Co. IL raised its holdings in shares of Butterfly Network by 8.4% in the 3rd quarter. Blair William & Co. IL now owns 128,500 shares of the company’s stock valued at $248,000 after buying an additional 10,000 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in Butterfly Network by 10.0% during the 2nd quarter. California State Teachers Retirement System now owns 131,640 shares of the company’s stock valued at $263,000 after acquiring an additional 11,985 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.