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

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been assigned a consensus recommendation of “Hold” from the six analysts that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $5.5625.

BFLY has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. TD Cowen increased their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Loop Capital set a $5.50 target price on shares of Butterfly Network in a report on Monday, March 2nd. Finally, Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BFLY. KBC Group NV purchased a new position in shares of Butterfly Network during the 1st quarter worth approximately $25,000. Ameriprise Financial Inc. purchased a new position in shares of Butterfly Network during the 3rd quarter worth approximately $25,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Butterfly Network during the 3rd quarter worth approximately $32,000. BNP Paribas Financial Markets increased its stake in shares of Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after purchasing an additional 14,244 shares in the last quarter. Finally, Wisconsin Wealth Advisors LLC purchased a new position in shares of Butterfly Network during the 4th quarter worth approximately $38,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Trading Down 0.8%

Shares of Butterfly Network stock opened at $4.57 on Wednesday. Butterfly Network has a 12-month low of $1.32 and a 12-month high of $5.72. The stock has a market cap of $1.16 billion, a PE ratio of -15.22 and a beta of 2.22. The company has a 50-day moving average of $4.48 and a two-hundred day moving average of $3.86.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The company had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. On average, sell-side analysts forecast that Butterfly Network will post -0.18 EPS for the current fiscal year.

About Butterfly Network

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.