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

Key Points

• Analysts rate Butterfly Network “Hold” on average: Of five covering firms, three recommend buying, one rates it a hold and one recommends selling. The average 12-month price target is $5.5625, while Weiss Ratings maintains a “sell (D-)” rating.
• Insider activity has been mixed: Director Louise Phanstiel bought nearly $1.0 million in shares, while insiders sold 4.74 million shares worth approximately $32.2 million over the last quarter. Insiders own 21.99% of the company.
• The company exceeded quarterly expectations but remains unprofitable: Butterfly reported revenue of $32.61 million and an adjusted loss of $0.01 per share, beating estimates, but posted a negative net margin of 66.74%. Shares opened at $7.11, with a market capitalization of about $1.89 billion.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) has received a consensus recommendation of "Hold" from the five brokerages that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $5.5625.

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

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, Director Louise Phanstiel bought 115,200 shares of the firm's stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $8.68 per share, for a total transaction of $999,936.00. Following the completion of the transaction, the director directly owned 300,461 shares in the company, valued at approximately $2,608,001.48. The trade was a 62.18% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Megan Carlson sold 68,852 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $7.86, for a total transaction of $541,176.72. Following the completion of the sale, the chief accounting officer owned 425,889 shares in the company, valued at approximately $3,347,487.54. The trade was a 13.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 4,743,569 shares of company stock valued at $32,219,597. 21.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. KBC Group NV bought a new position in Butterfly Network in the 1st quarter valued at approximately $25,000. Ameriprise Financial Inc. acquired a new stake in shares of Butterfly Network in the third quarter valued at about $25,000. BNP Paribas Financial Markets lifted its stake in shares of Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock worth $33,000 after acquiring an additional 14,244 shares during the period. ExodusPoint Capital Management LP bought a new position in Butterfly Network during the 4th quarter worth approximately $38,000. Finally, Sfmg LLC bought a new stake in shares of Butterfly Network in the 4th quarter valued at $39,000. Institutional investors own 37.85% of the company's stock.

Butterfly Network Trading Down 4.7%

Shares of NYSE BFLY opened at $7.11 on Friday. The business's 50 day moving average is $8.00 and its 200-day moving average is $5.97. Butterfly Network has a 1-year low of $1.47 and a 1-year high of $10.05. The firm has a market cap of $1.89 billion, a P/E ratio of -24.51 and a beta of 2.08.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. The business had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. 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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