Butterfly Network (NYSE:BFLY) Earns Buy Rating from TD Cowen

Butterfly Network (NYSE:BFLY)‘s stock had its “buy” rating restated by TD Cowen in a research note issued on Friday, Benzinga reports. They currently have a $10.00 price objective on the stock. TD Cowen’s target price suggests a potential upside of 36.15% from the stock’s previous close.

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

Butterfly Network Stock Up 3.2%

Shares of NYSE:BFLY traded up $0.23 during trading on Friday, reaching $7.34. The stock had a trading volume of 468,517 shares, compared to its average volume of 6,484,988. The stock has a market cap of $1.96 billion, a P/E ratio of -25.26 and a beta of 2.08. The business has a fifty day moving average price of $8.00 and a 200-day moving average price of $5.97. Butterfly Network has a fifty-two week low of $1.52 and a fifty-two week high of $10.05.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, July 30th. 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 33.99% and a negative net margin of 66.74%.The firm had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. As a group, equities analysts forecast that Butterfly Network will post -0.18 EPS for the current year.

Insider Activity at Butterfly Network

In other Butterfly Network news, CAO Megan Carlson sold 68,852 shares of Butterfly Network stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72. Following the transaction, the chief accounting officer directly owned 425,889 shares in the company, valued at approximately $3,347,487.54. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steve Cashman sold 140,112 shares of the business’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $7.30, for a total value of $1,022,817.60. Following the completion of the transaction, the insider directly owned 1,490,295 shares of the company’s stock, valued at approximately $10,879,153.50. The trade was a 8.59% 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. Over the last quarter, insiders sold 4,743,569 shares of company stock valued at $32,219,597. 21.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently modified their holdings of BFLY. KBC Group NV bought a new position in Butterfly Network in the first quarter valued at approximately $25,000. Ameriprise Financial Inc. bought a new stake in shares of Butterfly Network during the third quarter worth $25,000. BNP Paribas Financial Markets raised its holdings in shares of Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after acquiring an additional 14,244 shares during the period. ExodusPoint Capital Management LP acquired a new stake in shares of Butterfly Network during the fourth quarter worth $38,000. Finally, Sfmg LLC bought a new stake in Butterfly Network in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.