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

Key Points

• Brokerages give Butterfly Network an average rating of "Hold" from six analysts (1 sell, 2 hold, 3 buy), with an average 1‑year target price of $5.56 and recent price targets/upgrades as high as $6.00.
• Butterfly beat Q results with EPS of ($0.02) and revenue of $31.51M (vs. $26.25M est.) but remains unprofitable (negative net margin ~78.95%), analysts expect about -0.35 EPS for the year, and the stock trades around $4.29 with a market cap near $1.09B.

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) have been given an average rating of "Hold" by the six research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given 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.

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

Institutional Trading of Butterfly Network

Several hedge funds have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. grew its holdings in Butterfly Network by 1,545.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 16,456 shares of the company's stock valued at $63,000 after purchasing an additional 15,456 shares during the period. Osbon Capital Management LLC bought a new stake in Butterfly Network during the fourth quarter valued at about $181,000. Redwood Family Wealth LLC bought a new stake in Butterfly Network during the fourth quarter valued at about $46,000. Keenan LLC bought a new stake in Butterfly Network during the fourth quarter valued at about $339,000. Finally, Invesco Ltd. grew its holdings in Butterfly Network by 18.5% during the fourth quarter. Invesco Ltd. now owns 387,881 shares of the company's stock valued at $1,474,000 after purchasing an additional 60,538 shares during the period. Institutional investors own 37.85% of the company's stock.

Butterfly Network Price Performance

Shares of BFLY opened at $4.29 on Tuesday. Butterfly Network has a one year low of $1.32 and a one year high of $5.03. The firm has a market capitalization of $1.09 billion, a P/E ratio of -13.82 and a beta of 2.21. The business has a fifty day moving average of $3.73 and a 200 day moving average of $3.31.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%.The company had revenue of $31.51 million during the quarter, compared to analyst estimates of $26.25 million. Analysts expect that Butterfly Network will post -0.35 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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