Analysts Set Butterfly Network, Inc. (NYSE:BFLY) Price Target at $5.56

Butterfly Network, Inc. (NYSE:BFLY) has earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $5.5625.

BFLY has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. TD Cowen increased their target price 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. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, Loop Capital set a $5.50 price objective on Butterfly Network in a report on Monday, March 2nd.

Butterfly Network Stock Performance

NYSE:BFLY opened at $4.56 on Wednesday. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -15.18 and a beta of 2.22. The firm has a 50-day moving average price of $4.52 and a two-hundred day moving average price of $3.94. Butterfly Network has a 52 week low of $1.32 and a 52 week high of $5.72.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $26.53 million for the quarter, compared to analyst estimates 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, sell-side analysts forecast that Butterfly Network will post -0.18 earnings per share for the current year.

Institutional Investors Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in Butterfly Network by 71.0% during the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Butterfly Network during the 1st quarter valued at approximately $446,000. Quantinno Capital Management LP bought a new position in Butterfly Network in the 1st quarter worth approximately $73,000. Sei Investments Co. boosted its holdings in Butterfly Network by 30.6% in the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after buying an additional 539,171 shares during the period. Finally, State of Wyoming purchased a new position in Butterfly Network in the 1st quarter valued at approximately $143,000. 37.85% of the stock is currently owned by institutional investors.

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.