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

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been assigned a consensus recommendation of “Moderate Buy” from the eight research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $8.75.

Several research firms have recently issued reports on BFLY. Canaccord Genuity Group began coverage on Butterfly Network in a research report on Monday, October 12th. They issued a “buy” rating and a $10.00 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. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Friday, October 30th. Needham & Company LLC initiated coverage on shares of Butterfly Network in a research note on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Evercore initiated coverage on shares of Butterfly Network in a report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 target price for the company.

Butterfly Network Trading Up 4.9%

Shares of BFLY stock opened at $6.37 on Friday. Butterfly Network has a 52 week low of $1.90 and a 52 week high of $10.21. The company’s fifty day simple moving average is $7.80 and its 200-day simple moving average is $6.08. The company has a market cap of $1.70 billion, a PE ratio of -30.32 and a beta of 2.16.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, October 29th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 21.60% and a negative net margin of 43.56%. The business had revenue of $32.60 million during the quarter, compared to analysts’ expectations of $28.37 million. Equities research analysts expect that Butterfly Network will post -0.17 EPS for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In related 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 transaction, the general counsel 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joseph Devivo sold 90,600 shares of the firm’s stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $7.01, for a total transaction of $635,106.00. Following the completion of the sale, the chief executive officer owned 7,221,330 shares of the company’s stock, valued at approximately $50,621,523.30. The trade was a 1.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 376,455 shares of company stock worth $3,061,140 over the last quarter. Company insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently added to or reduced their stakes in BFLY. Bank of America Corp DE increased its stake in Butterfly Network by 71.0% in the 1st 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. Janus Henderson Group PLC purchased a new stake in shares of Butterfly Network in the first quarter worth about $446,000. Dimensional Fund Advisors LP raised its position in Butterfly Network by 30.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after purchasing an additional 557,100 shares during the period. Lotus Technology Management LP purchased a new position in Butterfly Network during the second quarter valued at $1,378,000. Finally, State Street Corp boosted its position in Butterfly Network by 4.0% in the second quarter. State Street Corp now owns 5,762,672 shares of the company’s stock worth $48,522,000 after purchasing an additional 223,012 shares during the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

About Butterfly Network

Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company’s core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems’ large arrays of piezoelectric transducers with a compact, software-driven probe.

Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.