Butterfly Network, Inc. (NYSE:BFLY) Receives $3.00 Average Price Target from Analysts

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been given a consensus rating of “Hold” by the five analysts that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $3.00.

Several equities analysts recently issued reports on BFLY shares. Oppenheimer reissued a “market perform” rating on shares of Butterfly Network in a research note on Friday, August 1st. Wall Street Zen cut Butterfly Network from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, October 8th. Finally, Craig Hallum reiterated a “positive” rating and set a $2.00 target price on shares of Butterfly Network in a research report on Monday, August 4th.

Insider Activity

In other news, insider Steve Cashman sold 142,590 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $1.50, for a total transaction of $213,885.00. Following the transaction, the insider directly owned 2,181,884 shares in the company, valued at $3,272,826. This represents a 6.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jonathan M. Rothberg sold 100,502 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $3.08, for a total transaction of $309,546.16. Following the completion of the sale, the director directly owned 1,140,007 shares in the company, valued at $3,511,221.56. This represents a 8.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 370,628 shares of company stock valued at $848,060 in the last 90 days. 25.18% of the stock is currently owned by insiders.

Institutional Trading of Butterfly Network

Several institutional investors have recently made changes to their positions in the stock. Kestra Private Wealth Services LLC raised its position in shares of Butterfly Network by 93.9% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 50,017 shares of the company’s stock worth $97,000 after buying an additional 24,217 shares during the period. Voleon Capital Management LP acquired a new stake in Butterfly Network during the third quarter worth about $114,000. Prelude Capital Management LLC purchased a new position in shares of Butterfly Network in the 3rd quarter worth about $211,000. Parkman Healthcare Partners LLC purchased a new position in shares of Butterfly Network in the 3rd quarter worth about $1,162,000. Finally, Ameriprise Financial Inc. acquired a new position in shares of Butterfly Network in the 3rd quarter valued at about $25,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Stock Up 19.7%

NYSE BFLY opened at $2.41 on Friday. Butterfly Network has a fifty-two week low of $1.32 and a fifty-two week high of $4.98. The business has a fifty day moving average of $2.17 and a 200-day moving average of $2.02. The stock has a market cap of $607.50 million, a price-to-earnings ratio of -7.29 and a beta of 2.65.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. The firm had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network has set its FY 2025 guidance at EPS. As a group, analysts anticipate that Butterfly Network will post -0.35 EPS for the current year.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.