Butterfly Network, Inc. (NYSE:BFLY) Stock Has Average Target Price of $8.54 According to Analysts

Key Points

• Analysts have a “Moderate Buy” consensus on Butterfly Network, with four buy ratings, one strong buy, one hold and one sell. The average 12-month price target is $8.54, below the stock’s reported $9.40 opening price.
• Company insiders sold approximately 4.41 million shares worth $29.6 million over the past three months, while insiders retain 21.99% ownership. Institutional investors own 37.85% of the stock.
• Butterfly Network reported quarterly revenue of $32.61 million and an EPS loss of $0.01, exceeding analyst expectations, but remains unprofitable with a negative net margin of 66.74%.

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) have been given an average rating of "Moderate Buy" by the seven ratings firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $8.54.

A number of equities research analysts have recently weighed in on BFLY shares. Evercore started coverage on Butterfly Network in a research note on Tuesday, September 29th. They set an "outperform" rating and a $15.00 price target for the company. Needham & Company LLC began coverage on Butterfly Network in a research note on Tuesday, September 22nd. They issued a "buy" rating and a $10.00 price target for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Butterfly Network in a report on Monday, August 3rd. Finally, TD Cowen reaffirmed a "buy" rating and set a $10.00 price objective on shares of Butterfly Network in a research report on Friday, September 11th.

Insider Buying and Selling

In related news, CEO Joseph Devivo sold 3,169 shares of Butterfly Network stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $10.02, for a total value of $31,753.38. Following the completion of the sale, the chief executive officer owned 7,347,720 shares of the company's stock, valued at approximately $73,624,154.40. The trade was a 0.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steve Cashman sold 140,112 shares of the company's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the completion of the sale, the insider owned 1,490,295 shares of the company's stock, valued at $10,879,153.50. This represents a 8.59% decrease in their ownership of the stock. 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 three months, insiders sold 4,412,643 shares of company stock valued at $29,624,293. 21.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently bought and sold shares of BFLY. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in Butterfly Network by 4.9% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company's stock valued at $358,000 after purchasing an additional 2,000 shares during the last quarter. HighTower Advisors LLC grew its position in Butterfly Network by 11.5% in the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company's stock worth $172,000 after purchasing an additional 2,110 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Butterfly Network by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company's stock worth $466,000 after purchasing an additional 2,125 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Butterfly Network by 24.0% during the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company's stock worth $58,000 after purchasing an additional 2,753 shares during the period. Finally, AXQ Capital LP raised its position in shares of Butterfly Network by 15.8% during the second quarter. AXQ Capital LP now owns 34,555 shares of the company's stock valued at $291,000 after buying an additional 4,716 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors.

Butterfly Network Stock Performance

BFLY stock opened at $9.40 on Tuesday. The firm has a 50 day simple moving average of $8.44 and a 200 day simple moving average of $6.55. Butterfly Network has a 52 week low of $1.90 and a 52 week high of $10.05. The stock has a market cap of $2.50 billion, a P/E ratio of -32.43 and a beta of 2.04.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.03. The business had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. Sell-side analysts predict that Butterfly Network will post -0.18 EPS for the current year.

About Butterfly Network

Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company's systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.

Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.

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