Butterfly Network, Inc. (NYSE:BFLY) Given Average Rating of "Hold" by Analysts

Key Points

• Analysts maintain a “Hold” consensus on Butterfly Network, with three buys, one hold and one sell among five analysts. The average 12-month price target is $5.5625.
• Company insiders sold nearly 5 million shares worth approximately $33 million over the past 90 days, while insiders retain a 21.99% ownership stake.
• Butterfly Network exceeded quarterly expectations, reporting an adjusted loss of $0.01 per share versus the $0.04 expected loss and revenue of $32.61 million versus $29.16 million forecast.

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) have been assigned a consensus rating of "Hold" from the five analysts that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $5.5625.

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

Insider Activity at Butterfly Network

In other news, CAO Megan Carlson sold 68,852 shares of the firm's stock in a transaction 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 completion of the sale, the chief accounting officer owned 425,889 shares of the company's stock, valued at $3,347,487.54. This trade represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Victor Ku sold 48,540 shares of Butterfly Network stock in a transaction on Monday, July 20th. The shares were sold at an average price of $6.56, for a total value of $318,422.40. Following the transaction, the chief technology officer owned 1,015,099 shares in the company, valued at $6,659,049.44. This represents a 4.56% decrease in their position. 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. Over the last 90 days, insiders sold 4,987,405 shares of company stock worth $32,975,004. Insiders own 21.99% of the company's stock.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently bought and sold shares of BFLY. AWM Investment Company Inc. lifted its position in shares of Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company's stock worth $12,920,000 after purchasing an additional 3,000,000 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Butterfly Network by 71.0% during the first 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 period. First Light Asset Management LLC grew its position in Butterfly Network by 149.3% during the fourth quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company's stock valued at $10,686,000 after purchasing an additional 1,684,133 shares in the last quarter. Sei Investments Co. purchased a new position in Butterfly Network during the second quarter valued at approximately $2,183,000. Finally, Deutsche Bank AG grew its position in Butterfly Network by 156.7% during the fourth quarter. Deutsche Bank AG now owns 1,652,237 shares of the company's stock valued at $6,279,000 after purchasing an additional 1,008,556 shares in the last quarter. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Trading Up 0.2%

NYSE BFLY opened at $8.86 on Monday. Butterfly Network has a 1 year low of $1.34 and a 1 year high of $10.05. The company has a market cap of $2.36 billion, a PE ratio of -30.54 and a beta of 2.09. The stock's 50-day moving average price is $7.52 and its two-hundred day moving average price is $5.32.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The company had revenue of $32.61 million during the quarter, compared to analysts' expectations of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. Research analysts forecast that Butterfly Network will post -0.18 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.

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