Butterfly Network (NYSE:BFLY) Upgraded by Needham & Company LLC to “Moderate Buy” Rating

Needham & Company LLC upgraded shares of Butterfly Network (NYSE:BFLY) to a moderate buy rating in a research report sent to investors on Tuesday,Zacks reports.

A number of other equities research analysts have also recently issued reports on BFLY. TD Cowen reiterated a “buy” rating and issued a $10.00 target price on shares of Butterfly Network in a research note on Friday, September 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Butterfly Network presently has an average rating of “Moderate Buy” and a consensus target price of $7.25.

Butterfly Network Stock Performance

NYSE BFLY opened at $9.93 on Tuesday. Butterfly Network has a one year low of $1.87 and a one year high of $10.05. The company has a 50-day simple moving average of $8.02 and a 200-day simple moving average of $6.21. The firm has a market capitalization of $2.64 billion, a PE ratio of -34.23 and a beta of 2.08.

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

Insider Buying and Selling

In related news, CAO Megan Carlson sold 68,852 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $7.86, for a total value of $541,176.72. Following the completion of the sale, the chief accounting officer owned 425,889 shares of the company’s stock, valued at $3,347,487.54. This represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Louise Phanstiel acquired 115,200 shares of Butterfly Network stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average cost of $8.68 per share, with a total value of $999,936.00. Following the acquisition, the director directly owned 300,461 shares of the company’s stock, valued at approximately $2,608,001.48. This trade represents a 62.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 4,743,569 shares of company stock valued at $32,219,597. Company insiders own 21.99% of the company’s stock.

Institutional Trading of Butterfly Network

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its holdings in shares of Butterfly Network by 4.0% in the second quarter. State Street Corp now owns 5,762,672 shares of the company’s stock valued at $48,522,000 after acquiring an additional 223,012 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings 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. Engineers Gate Manager LP purchased a new stake in Butterfly Network during the second quarter valued at about $595,000. Squarepoint Ops LLC lifted its stake in Butterfly Network by 27.0% during the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock valued at $3,792,000 after buying an additional 95,850 shares in the last quarter. Finally, Corient Private Wealth LP acquired a new position in shares of Butterfly Network in the second quarter worth about $156,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Company Profile

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.