Butterfly Network, Inc. (NYSE:BFLY) Receives $5.56 Consensus Price Target from Analysts

Butterfly Network, Inc. (NYSE:BFLY) has received an average recommendation of “Hold” from the five research firms that are presently covering the stock, Marketbeat Ratings 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 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 report on Monday, August 3rd.

Butterfly Network Stock Up 1.5%

Shares of BFLY opened at $9.14 on Monday. Butterfly Network has a 52-week low of $1.34 and a 52-week high of $10.05. The company has a market capitalization of $2.43 billion, a PE ratio of -31.51 and a beta of 2.09. The stock has a fifty day simple moving average of $7.76 and a two-hundred day simple moving average of $5.42.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%.The business had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. As a group, equities analysts anticipate that Butterfly Network will post -0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Joseph Devivo sold 68,346 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $10.01, for a total value of $684,143.46. Following the transaction, the chief executive officer directly owned 7,603,700 shares in the company, valued at approximately $76,113,037. This represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Megan Carlson sold 68,852 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $7.86, for a total value of $541,176.72. Following the completion of the transaction, the chief accounting officer owned 425,889 shares in the company, valued at $3,347,487.54. This represents a 13.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 4,987,405 shares of company stock worth $32,975,004. 21.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. purchased a new position in shares of Butterfly Network during the 1st quarter worth $85,000. Goldman Sachs Group Inc. raised its holdings in Butterfly Network by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after buying an additional 29,958 shares during the period. JPMorgan Chase & Co. raised its holdings in Butterfly Network by 9,055.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after buying an additional 91,012 shares during the period. Legal & General Group Plc lifted its position in Butterfly Network by 136.5% in the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after buying an additional 119,455 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in Butterfly Network in the second quarter valued at about $475,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.