Butterfly Network, Inc. (NYSE:BFLY) Stock Has Consensus Price Target of $8.54 According to Brokerages

Butterfly Network, Inc. (NYSE:BFLY) has earned an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $8.54.

A number of research firms have issued reports on BFLY. Needham & Company LLC started coverage on Butterfly Network in a report on Tuesday, September 22nd. They set a “buy” rating and a $10.00 price target on the stock. Evercore assumed coverage on shares of Butterfly Network in a research report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Finally, TD Cowen restated a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th.

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 140,112 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the transaction, the insider directly owned 1,490,295 shares of the company’s stock, valued at approximately $10,879,153.50. This represents a 8.59% decrease in their position. The transaction was disclosed in a filing 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, CAO Megan Carlson sold 68,852 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $7.86, for a total value of $541,176.72. Following the transaction, the chief accounting officer directly owned 425,889 shares in the company, valued at approximately $3,347,487.54. This trade represents a 13.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 4,458,547 shares of company stock worth $30,071,305. 21.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently added to or reduced their stakes in the company. Wisconsin Wealth Advisors LLC raised its position in shares of Butterfly Network by 25.0% during the third quarter. Wisconsin Wealth Advisors LLC now owns 50,000 shares of the company’s stock worth $448,000 after purchasing an additional 10,000 shares during the period. State Street Corp grew its position in Butterfly Network by 4.0% in the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock valued at $48,522,000 after purchasing an additional 223,012 shares during the period. The Manufacturers Life Insurance Company increased its stake in Butterfly Network by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock valued at $466,000 after purchasing an additional 2,125 shares in the last quarter. Engineers Gate Manager LP bought a new stake in Butterfly Network during the 2nd quarter valued at $595,000. Finally, Squarepoint Ops LLC raised its holdings in Butterfly Network by 27.0% during the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock worth $3,792,000 after buying an additional 95,850 shares during the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Price Performance

Shares of NYSE:BFLY opened at $8.00 on Tuesday. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of -27.57 and a beta of 2.04. The business’s 50-day moving average is $8.48 and its 200-day moving average is $6.64. Butterfly Network has a 1 year low of $1.90 and a 1 year high of $10.21.

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

About Butterfly Network

Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company’s systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.

Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.