Analysts Set Butterfly Network, Inc. (NYSE:BFLY) PT at $5.56

Butterfly Network, Inc. (NYSE:BFLY) has earned an average rating of “Hold” from the six ratings firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $5.5625.

BFLY has been the topic of a number of analyst reports. TD Cowen lifted their price objective on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Craig Hallum reissued a “buy” rating and set a $5.25 target price on shares of Butterfly Network in a research report on Wednesday, January 21st. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Lake Street Capital boosted their target price on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Finally, Loop Capital set a $5.50 target price on shares of Butterfly Network in a research report on Monday, March 2nd.

Institutional Trading of Butterfly Network

Large investors have recently bought and sold shares of the stock. Perkins Capital Management Inc. grew its position in Butterfly Network by 213.0% during the 3rd quarter. Perkins Capital Management Inc. now owns 924,280 shares of the company’s stock worth $1,784,000 after purchasing an additional 629,020 shares during the last quarter. Palumbo Wealth Management LLC grew its position in Butterfly Network by 182.9% during the 4th quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock worth $1,571,000 after purchasing an additional 267,238 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in Butterfly Network during the 3rd quarter worth approximately $64,000. Green Alpha Advisors LLC lifted its stake in Butterfly Network by 7.0% during the 4th quarter. Green Alpha Advisors LLC now owns 176,371 shares of the company’s stock valued at $670,000 after acquiring an additional 11,518 shares during the period. Finally, Wisconsin Wealth Advisors LLC acquired a new stake in Butterfly Network during the 4th quarter valued at approximately $38,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Up 0.6%

Shares of Butterfly Network stock opened at $5.49 on Tuesday. The firm’s 50 day moving average price is $3.89 and its 200-day moving average price is $3.42. Butterfly Network has a 52-week low of $1.32 and a 52-week high of $5.62. The company has a market cap of $1.40 billion, a P/E ratio of -17.69 and a beta of 2.21.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 33.13%. The firm had revenue of $31.51 million for the quarter, compared to the consensus estimate of $26.25 million. As a group, equities research analysts forecast that Butterfly Network will post -0.19 EPS for the current fiscal year.

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.