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

Butterfly Network, Inc. (NYSE:BFLY) has been given an average rating of “Hold” by the six ratings firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $5.5625.

Several brokerages recently commented on BFLY. TD Cowen raised their target price on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Craig Hallum reiterated a “buy” rating and set a $5.25 target price on shares of Butterfly Network in a research note on Wednesday, January 21st. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Lake Street Capital increased their target price on Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Finally, Loop Capital set a $5.50 target price on Butterfly Network in a research note on Monday, March 2nd.

Hedge Funds Weigh In On Butterfly Network

Institutional investors and hedge funds have recently made changes to their positions in the business. Wisconsin Wealth Advisors LLC purchased a new position in shares of Butterfly Network during the 4th quarter valued at approximately $38,000. ExodusPoint Capital Management LP bought a new position in Butterfly Network during the 4th quarter worth approximately $38,000. Sfmg LLC bought a new position in Butterfly Network during the 4th quarter worth approximately $39,000. Sanctuary Advisors LLC bought a new position in Butterfly Network during the 4th quarter worth approximately $40,000. Finally, Merit Financial Group LLC bought a new position in Butterfly Network during the 4th quarter worth approximately $45,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Stock Performance

Shares of NYSE:BFLY opened at $5.28 on Tuesday. The company has a market cap of $1.35 billion, a P/E ratio of -17.04 and a beta of 2.21. Butterfly Network has a one year low of $1.32 and a one year high of $5.62. The business’s 50-day simple moving average is $3.80 and its 200 day simple moving average is $3.35.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. The business had revenue of $31.51 million for the quarter, compared to the consensus estimate of $26.25 million. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%. Analysts predict that Butterfly Network will post -0.35 earnings per share 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.