Butterfly Network’s (BFLY) “Buy” Rating Reiterated at TD Cowen

TD Cowen restated their buy rating on shares of Butterfly Network (NYSE:BFLY) in a report published on Friday,Benzinga reports. The brokerage currently has a $10.00 price target on the stock.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Butterfly Network presently has a consensus rating of “Hold” and a consensus target price of $6.56.

Butterfly Network Trading Down 0.1%

Shares of BFLY stock opened at $7.33 on Friday. Butterfly Network has a 12-month low of $1.52 and a 12-month high of $10.05. The business’s 50 day moving average is $7.99 and its two-hundred day moving average is $6.00. The company has a market capitalization of $1.95 billion, a P/E ratio of -25.26 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, research analysts predict that Butterfly Network will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, CEO Joseph Devivo sold 68,346 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $10.01, for a total value of $684,143.46. Following the transaction, the chief executive officer owned 7,603,700 shares in the company, valued at approximately $76,113,037. This trade represents a 0.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Megan Carlson sold 13,804 shares of Butterfly Network stock in a transaction on Friday, September 4th. The stock was sold at an average price of $7.30, for a total transaction of $100,769.20. Following the sale, the chief accounting officer directly owned 412,085 shares in the company, valued at approximately $3,008,220.50. This trade represents a 3.24% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 4,743,569 shares of company stock valued at $32,219,597. Insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. acquired a new position in Butterfly Network during the first quarter worth about $85,000. Goldman Sachs Group Inc. raised its holdings in Butterfly Network by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after acquiring an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Butterfly Network by 9,055.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after acquiring an additional 91,012 shares during the last quarter. Legal & General Group Plc lifted its stake in Butterfly Network by 136.5% in the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after purchasing an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers purchased a new position in Butterfly Network in the 2nd quarter worth approximately $475,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

About Butterfly Network

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.