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

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been given a consensus recommendation of “Hold” by the five brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $6.5625.

BFLY has been the subject of a number of research reports. TD Cowen reissued a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd.

Insider Activity at Butterfly Network

In related news, CAO Megan Carlson sold 13,804 shares of Butterfly Network stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $7.30, for a total value of $100,769.20. Following the completion of the sale, the chief accounting officer directly owned 412,085 shares in the company, valued at $3,008,220.50. This trade represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Steve Cashman sold 140,112 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $7.30, for a total value of $1,022,817.60. Following the sale, the insider directly owned 1,490,295 shares of the company’s stock, valued at $10,879,153.50. This represents a 8.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 4,743,569 shares of company stock valued at $32,219,597 over the last quarter. 21.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in Butterfly Network by 71.0% in the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after buying an additional 1,728,938 shares during the period. Dimensional Fund Advisors LP raised its holdings in Butterfly Network by 30.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after buying an additional 557,100 shares during the period. Sei Investments Co. lifted its position in Butterfly Network by 30.6% in the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock valued at $9,288,000 after acquiring an additional 539,171 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Butterfly Network during the second quarter worth about $4,878,000. Finally, Squarepoint Ops LLC boosted its position in Butterfly Network by 27.0% during the 2nd quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock worth $3,792,000 after acquiring an additional 95,850 shares during the last quarter. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Up 9.6%

Shares of NYSE:BFLY opened at $7.96 on Friday. Butterfly Network has a 12 month low of $1.66 and a 12 month high of $10.05. The company’s 50-day moving average price is $7.98 and its two-hundred day moving average price is $6.11. The firm has a market cap of $2.12 billion, a P/E ratio of -27.43 and a beta of 2.08.

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

Butterfly Network Company Profile

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.