Canaccord Genuity Group Begins Coverage on Butterfly Network (NYSE:BFLY)

Research analysts at Canaccord Genuity Group started coverage on shares of Butterfly Network (NYSE:BFLY) in a research report issued on Monday, Marketbeat reports. The firm set a “buy” rating and a $10.00 price target on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 23.08% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Needham & Company LLC started coverage on shares of Butterfly Network in a research report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price target on the stock. Evercore began coverage on shares of Butterfly Network in a report on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 price target for the company. TD Cowen reaffirmed a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a research report on Friday, September 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued 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 Trading Down 5.0%

BFLY stock opened at $8.12 on Monday. The firm has a market cap of $2.16 billion, a P/E ratio of -28.02 and a beta of 2.04. Butterfly Network has a 12-month low of $1.90 and a 12-month high of $10.21. The stock’s 50 day simple moving average is $8.50 and its 200 day simple moving average is $6.73.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.03. The firm had revenue of $32.61 million for 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 forecast that Butterfly Network will post -0.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Joseph Devivo sold 35,790 shares of the company’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $10.02, for a total transaction of $358,615.80. Following the completion of the transaction, the chief executive officer directly owned 7,311,930 shares in the company, valued at $73,265,538.60. This represents a 0.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Louise Phanstiel bought 115,200 shares of the company’s stock in a transaction on Friday, August 14th. The stock was bought at an average cost of $8.68 per share, for a total transaction of $999,936.00. Following the completion of the transaction, the director directly owned 300,461 shares of the company’s stock, valued at $2,608,001.48. This trade represents a 62.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have sold 4,458,547 shares of company stock worth $30,071,305. 21.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently modified their holdings of BFLY. Janus Henderson Group PLC acquired a new stake in shares of Butterfly Network in the first quarter valued at approximately $446,000. Bank of America Corp DE raised its holdings in shares of Butterfly Network by 71.0% during the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after buying an additional 1,728,938 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Butterfly Network by 30.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after buying an additional 557,100 shares during the last quarter. Lotus Technology Management LP acquired a new position in shares of Butterfly Network during the second quarter worth approximately $1,378,000. Finally, Sei Investments Co. boosted its position in shares of Butterfly Network by 30.6% during the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after buying an additional 539,171 shares during the period. Institutional investors and hedge funds own 37.85% of the company’s stock.

About Butterfly Network

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.