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

Key Points

• Butterfly Network has a consensus analyst rating of “Hold” from six covering analysts, with three buy ratings, two holds, and one sell. The average 12-month price target is about $5.56.
• The stock has seen mixed analyst updates recently, including higher price targets from Lake Street Capital and TD Cowen, while Weiss Ratings reiterated a sell (d-) rating.
• Butterfly Network shares traded down 2.0% to $4.16, and the company recently reported quarterly earnings of -$0.03 per share, beating expectations by a penny on revenue of $26.53 million.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) has earned a consensus recommendation of "Hold" from the six analysts that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $5.5625.

A number of research analysts recently issued reports on BFLY shares. Craig Hallum restated a "buy" rating and set a $5.25 price objective on shares of Butterfly Network in a report on Wednesday, January 21st. Lake Street Capital lifted their price target 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. TD Cowen upped their price objective on shares of Butterfly Network from $4.50 to $6.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Loop Capital set a $5.50 price objective on Butterfly Network in a research note on Monday, March 2nd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a report on Wednesday.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently modified their holdings of BFLY. Dimensional Fund Advisors LP grew its position in shares of Butterfly Network by 30.9% in the 1st 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. KBC Group NV acquired a new stake in Butterfly Network during the 1st quarter worth approximately $25,000. Swiss National Bank acquired a new stake in Butterfly Network during the 1st quarter worth approximately $1,621,000. Principal Financial Group Inc. lifted its stake in Butterfly Network by 24.0% in the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company's stock valued at $58,000 after buying an additional 2,753 shares in the last quarter. Finally, Kestra Advisory Services LLC boosted its holdings in shares of Butterfly Network by 29.4% in the first quarter. Kestra Advisory Services LLC now owns 27,850 shares of the company's stock valued at $113,000 after buying an additional 6,335 shares during the period. Institutional investors and hedge funds own 37.85% of the company's stock.

Butterfly Network Trading Down 2.0%

Shares of BFLY opened at $4.16 on Friday. Butterfly Network has a 1 year low of $1.32 and a 1 year high of $5.72. The stock has a market cap of $1.06 billion, a P/E ratio of -13.85 and a beta of 2.27. The stock's 50-day moving average price is $4.32 and its two-hundred day moving average price is $3.63.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. The company had revenue of $26.53 million during the quarter, compared to analysts' expectations of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. As a group, equities analysts forecast that Butterfly Network will post -0.18 EPS for the current 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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