Butterfly Network, Inc. (BFLY) – What Are Researchers Thinking About This Stock?

Butterfly Network, Inc. (NYSE:BFLY) has been assigned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $8.75.

Several equities analysts have recently weighed in on BFLY shares. TD Cowen reissued a “buy” rating and set a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. Evercore started coverage on Butterfly Network in a report on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 price objective for the company. Canaccord Genuity Group initiated coverage on Butterfly Network in a research report on Monday, October 12th. They set a “buy” rating and a $10.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Friday, October 30th. Finally, Needham & Company LLC assumed coverage on Butterfly Network in a research report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 target price on the stock.

Insider Transactions at Butterfly Network

In related news, insider Steve Cashman sold 140,112 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the completion of the sale, the insider directly owned 1,490,295 shares in the company, valued at approximately $10,879,153.50. The trade was a 8.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joseph Devivo sold 90,600 shares of the company’s stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $7.01, for a total transaction of $635,106.00. Following the sale, the chief executive officer directly owned 7,221,330 shares of the company’s stock, valued at approximately $50,621,523.30. This represents a 1.24% 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 have sold 376,455 shares of company stock worth $3,061,140. 21.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BFLY. Janus Henderson Group PLC bought a new position in Butterfly Network in the 1st quarter worth $446,000. Bank of America Corp DE lifted its position in 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 purchasing an additional 1,728,938 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in 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 purchasing an additional 557,100 shares during the period. Lotus Technology Management LP bought a new stake in Butterfly Network during the second quarter valued at about $1,378,000. Finally, State Street Corp grew its holdings in Butterfly Network by 4.0% during the second quarter. State Street Corp now owns 5,762,672 shares of the company’s stock valued at $48,522,000 after purchasing an additional 223,012 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Up 5.7%

Shares of Butterfly Network stock opened at $6.76 on Friday. The company has a market cap of $1.80 billion, a price-to-earnings ratio of -32.21 and a beta of 2.16. The company’s 50 day moving average is $7.90 and its 200 day moving average is $6.06. Butterfly Network has a twelve month low of $1.90 and a twelve month high of $10.21.

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 the consensus estimate of ($0.04) by $0.03. The company had revenue of $32.60 million for the quarter, compared to analysts’ expectations of $28.37 million. Butterfly Network had a negative net margin of 43.56% and a negative return on equity of 21.60%. Sell-side analysts expect that Butterfly Network will post -0.18 EPS for the current fiscal year.

Butterfly Network Company Profile

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.