Butterfly Network, Inc. (NYSE:BFLY) Stock Rated “Moderate Buy” by Wall Street Brokerages

Shares of Butterfly Network, Inc. (NYSE:BFLY) have been given an average recommendation of “Moderate Buy” by the eight brokerages that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $8.75.

A number of equities research analysts have weighed in on BFLY shares. Evercore began coverage on Butterfly Network in a report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 price objective on the stock. TD Cowen reissued a “buy” rating and issued a $10.00 target price on shares of Butterfly Network in a report on Friday, September 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Canaccord Genuity Group began coverage on Butterfly Network in a research report on Monday. They set a “buy” rating and a $10.00 target price for the company. Finally, Needham & Company LLC initiated coverage on Butterfly Network in a research note on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price target on the stock.

Insider Activity

In related news, CEO Joseph Devivo sold 211,798 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $6.56, for a total transaction of $1,389,394.88. Following the completion of the sale, the chief executive officer owned 7,672,046 shares in the company, valued at $50,328,621.76. This trade represents a 2.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Megan Carlson sold 68,852 shares of Butterfly Network stock in a transaction dated Friday, July 31st. The shares were 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 of the company’s stock, valued at $3,347,487.54. This represents a 13.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 4,458,547 shares of company stock valued at $30,071,305. 21.99% of the stock is owned by company insiders.

Institutional Trading of Butterfly Network

Several large investors have recently added to or reduced their stakes in the company. Wisconsin Wealth Advisors LLC raised its holdings in shares of Butterfly Network by 25.0% in the third quarter. Wisconsin Wealth Advisors LLC now owns 50,000 shares of the company’s stock valued at $448,000 after buying an additional 10,000 shares during the last quarter. State Street Corp lifted its position in Butterfly Network by 4.0% during the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock worth $48,522,000 after buying an additional 223,012 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position 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 in the last quarter. Engineers Gate Manager LP bought a new stake in Butterfly Network during the 2nd quarter worth about $595,000. Finally, Squarepoint Ops LLC increased its position in Butterfly Network by 27.0% in the 2nd quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock valued at $3,792,000 after acquiring an additional 95,850 shares in the last quarter. 37.85% of the stock is owned by institutional investors.

Butterfly Network Trading Up 3.8%

BFLY opened at $8.56 on Tuesday. Butterfly Network has a 1-year low of $1.90 and a 1-year high of $10.21. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -29.52 and a beta of 2.04. The business has a 50 day moving average of $8.51 and a 200-day moving average of $6.70.

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

Butterfly Network Company Profile

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.