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

Shares of Butterfly Network, Inc. (NYSE:BFLY – Get Free Report) have been assigned an average recommendation of “Hold” from the five analysts that are covering the stock, Marketbeat reports. One 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 target price among brokerages that have updated their coverage on the stock in the last year is $5.5625.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd.

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Insider Activity at Butterfly Network

In other news, Director S. Louise Phanstiel acquired 115,200 shares of Butterfly Network stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average price of $8.68 per share, for a total transaction of $999,936.00. Following the transaction, the director directly owned 300,461 shares of the company’s stock, valued at approximately $2,608,001.48. The trade was a 62.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Megan Carlson sold 68,852 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was 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 directly owned 425,889 shares of the company’s stock, valued at approximately $3,347,487.54. The trade was a 13.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 4,987,405 shares of company stock valued at $32,975,004. 21.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC bought a new position in shares of Butterfly Network during the first quarter valued at $446,000. Dimensional Fund Advisors LP increased its holdings in Butterfly Network by 30.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after purchasing an additional 557,100 shares during the period. Bank of America Corp DE raised its position in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Sei Investments Co. raised its position in Butterfly Network by 30.6% during the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after purchasing an additional 539,171 shares during the last quarter. Finally, Clough Capital Partners L P acquired a new position in Butterfly Network during the 4th quarter worth about $845,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Stock Performance

Butterfly Network stock opened at $9.50 on Monday. Butterfly Network has a 52 week low of $1.39 and a 52 week high of $10.05. The stock has a market capitalization of $2.53 billion, a P/E ratio of -32.76 and a beta of 2.09. The stock has a fifty day moving average of $7.91 and a 200-day moving average of $5.49.

Butterfly Network (NYSE:BFLY – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business 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%. On average, research analysts forecast that Butterfly Network will post -0.18 earnings per share for the current year.

About Butterfly Network

(Get Free Report)

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.

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