Butterfly Network, Inc. (NYSE:BFLY) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Shares of Butterfly Network, Inc. (NYSE:BFLY) have received an average rating of “Moderate Buy” from the seven brokerages 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, four have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $8.54.

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

Insider Transactions at Butterfly Network

In other news, CEO Joseph Devivo sold 211,798 shares of Butterfly Network stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $6.56, for a total transaction of $1,389,394.88. Following the sale, the chief executive officer directly owned 7,672,046 shares of the company’s stock, valued at approximately $50,328,621.76. This trade represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jonathan Rothberg sold 1,195,857 shares of the business’s stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $6.60, for a total value of $7,892,656.20. Following the sale, the director owned 54,143 shares in the company, valued at approximately $357,343.80. This trade represents a 95.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 4,458,547 shares of company stock valued at $30,071,305. 21.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its stake in shares of Butterfly Network by 4.9% in 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 buying an additional 2,000 shares during the period. HighTower Advisors LLC raised its stake in Butterfly Network by 11.5% during the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock worth $172,000 after buying an additional 2,110 shares during the period. The Manufacturers Life Insurance Company raised its stake in 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 buying an additional 2,125 shares during the period. Principal Financial Group Inc. boosted its holdings in Butterfly Network by 24.0% in the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock worth $58,000 after acquiring an additional 2,753 shares in the last quarter. Finally, AXQ Capital LP boosted its holdings in Butterfly Network by 15.8% in the second quarter. AXQ Capital LP now owns 34,555 shares of the company’s stock worth $291,000 after acquiring an additional 4,716 shares in the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Price Performance

Shares of NYSE:BFLY opened at $8.27 on Tuesday. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -28.50 and a beta of 2.04. The firm has a 50 day simple moving average of $8.51 and a 200 day simple moving average of $6.65. Butterfly Network has a one year low of $1.90 and a one year high of $10.21.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. As a group, analysts expect that Butterfly Network will post -0.18 EPS for the current year.

Butterfly Network Company Profile

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.