Butterfly Network (NYSE:BFLY) Stock Rated Buy in New Coverage at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Butterfly Network (NYSE:BFLY) in a research report released on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $10.00 target price on the stock.

Several other analysts also recently issued reports on BFLY. Needham & Company LLC started 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. Evercore assumed coverage on Butterfly Network in a report on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Finally, TD Cowen reissued a “buy” rating and set a $10.00 target price on shares of Butterfly Network in a report on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Butterfly Network presently has an average rating of “Moderate Buy” and an average target price of $8.75.

Butterfly Network Price Performance

NYSE:BFLY opened at $7.58 on Monday. Butterfly Network has a one year low of $1.90 and a one year high of $10.21. The company has a market cap of $2.02 billion, a P/E ratio of -26.12 and a beta of 2.04. The firm’s fifty day moving average price is $8.48 and its two-hundred day moving average price is $6.75.

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

Insider Buying and Selling

In other news, General Counsel Nicholas Caezza sold 10,000 shares of Butterfly Network stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $9.75, for a total value of $97,500.00. Following the completion of the sale, the general counsel directly owned 300,307 shares in the company, valued at approximately $2,927,993.25. The trade was a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Megan Carlson sold 10,114 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $8.74, for a total value of $88,396.36. Following the completion of the sale, the chief accounting officer owned 401,971 shares of the company’s stock, valued at approximately $3,513,226.54. This trade represents a 2.45% 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. Insiders sold 4,458,547 shares of company stock valued at $30,071,305 in the last quarter. Corporate insiders own 21.99% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp raised its position in shares of Butterfly Network by 4.0% in the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock valued at $48,522,000 after buying an additional 223,012 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after acquiring an additional 1,728,938 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Butterfly Network by 30.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after acquiring an additional 557,100 shares during the period. Sei Investments Co. raised its position in Butterfly Network by 30.6% during the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock valued at $9,288,000 after purchasing an additional 539,171 shares in the last quarter. Finally, Perkins Capital Management Inc. raised its position in Butterfly Network by 0.8% during the first quarter. Perkins Capital Management Inc. now owns 930,930 shares of the company’s stock valued at $3,761,000 after purchasing an additional 7,150 shares in the last quarter. Institutional investors own 37.85% of the company’s stock.

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.