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

Key Points

• Butterfly Network has a consensus analyst rating of "Hold" from six covering firms, with an average 12-month target price of about $5.56. The breakdown includes one sell, two hold, and three buy ratings.
• Recent insider activity included large stock sales by EVP John N. Doherty and CEO Joseph Devivo, both tied to tax withholding obligations from equity award vesting. Insiders have sold 736,367 shares over the past 90 days.
• The company reported a smaller-than-expected quarterly loss, posting EPS of -$0.03 versus an expected -$0.04, while revenue of $26.53 million also slightly beat estimates. Despite that, Butterfly Network remains unprofitable, with negative net margin and return on equity.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) has received a consensus rating of "Hold" from the six ratings firms that are covering the firm, Marketbeat.com reports. One equities 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 twelve-month target price among analysts that have covered the stock in the last year is $5.5625.

Several brokerages recently issued reports on BFLY. Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a report on Wednesday, May 6th. Zacks Research raised Butterfly Network from a "strong sell" rating to a "hold" rating in a research report on Friday, March 27th.

Insider Transactions at Butterfly Network

In other Butterfly Network news, EVP John N. Doherty sold 55,229 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total value of $434,652.23. Following the completion of the transaction, the executive vice president directly owned 1,454,412 shares of the company's stock, valued at approximately $11,446,222.44. The trade was a 3.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joseph Devivo sold 204,725 shares of the company's stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total value of $1,611,185.75. Following the completion of the sale, the chief executive officer owned 7,883,844 shares in the company, valued at approximately $62,045,852.28. This represents a 2.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 736,367 shares of company stock valued at $4,548,090. 21.99% of the stock is owned by insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently made changes to their positions in the company. Invesco Ltd. purchased a new stake in Butterfly Network during the first quarter worth $85,000. Goldman Sachs Group Inc. grew its position in Butterfly Network by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company's stock valued at $1,725,000 after buying an additional 29,958 shares during the period. JPMorgan Chase & Co. increased its holdings in Butterfly Network by 9,055.9% in the second quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company's stock valued at $184,000 after buying an additional 91,012 shares in the last quarter. Legal & General Group Plc increased its holdings in Butterfly Network by 136.5% in the second quarter. Legal & General Group Plc now owns 206,985 shares of the company's stock valued at $414,000 after buying an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers acquired a new position in shares of Butterfly Network in the second quarter worth about $475,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Trading Down 4.1%

BFLY opened at $6.54 on Thursday. Butterfly Network has a 12-month low of $1.32 and a 12-month high of $9.69. The firm has a market capitalization of $1.67 billion, a PE ratio of -21.81 and a beta of 2.05. The firm has a 50 day moving average of $6.25 and a two-hundred day moving average of $4.86.

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

About Butterfly Network

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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