Butterfly Network, Inc. (NYSE:BFLY) Given Average Recommendation of “Hold” by Brokerages

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been given an average recommendation of “Hold” by the six analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $5.5625.

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

Butterfly Network Trading Down 2.0%

Shares of NYSE BFLY opened at $4.16 on Friday. The firm has a market cap of $1.06 billion, a PE ratio of -13.85 and a beta of 2.27. Butterfly Network has a 1-year low of $1.32 and a 1-year high of $5.72. The company has a fifty day moving average price of $4.32 and a 200 day moving average price of $3.63.

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

Institutional Investors Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. KBC Group NV acquired a new position in shares of Butterfly Network during the 1st quarter worth about $25,000. Ameriprise Financial Inc. acquired a new stake in shares of Butterfly Network in the third quarter valued at about $25,000. Y Intercept Hong Kong Ltd bought a new stake in Butterfly Network during the third quarter worth about $32,000. BNP Paribas Financial Markets raised its holdings in Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after acquiring an additional 14,244 shares in the last quarter. Finally, Wisconsin Wealth Advisors LLC acquired a new position in Butterfly Network during the fourth quarter valued at approximately $38,000. 37.85% of the stock is owned by institutional investors.

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.