Butterfly Network (NYSE:BFLY) Shares Climb 6.6% – Still a Buy?

Butterfly Network, Inc. (NYSE:BFLY) shares were up 6.6% on Friday. The company traded as high as $8.64 and last traded at $8.5560. 821,958 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 6,461,176 shares. The stock had previously closed at $8.03.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Needham & Company LLC started coverage on Butterfly Network in a research report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price target for the company. Evercore assumed coverage on Butterfly Network in a research note on Tuesday, September 29th. They set an “outperform” rating and a $15.00 price objective for the company. TD Cowen reaffirmed a “buy” rating and issued a $10.00 target price 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, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Butterfly Network has a consensus rating of “Moderate Buy” and an average target price of $8.54.

Butterfly Network Stock Performance

The company has a 50 day moving average price of $8.48 and a 200 day moving average price of $6.64. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of -29.06 and a beta of 2.04.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Research analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Activity

In related news, insider Steve Cashman sold 140,112 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was 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 of the company’s stock, valued at approximately $10,879,153.50. This trade represents a 8.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $7.86, for a total value of $541,176.72. Following the sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 4,458,547 shares of company stock valued at $30,071,305. 21.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently made changes to their positions in BFLY. Bank of America Corp DE grew its stake in shares of 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 period. Bank of New York Mellon Corp purchased a new position in shares of Butterfly Network in the 2nd quarter valued at about $4,878,000. Dimensional Fund Advisors LP raised its stake in shares of Butterfly Network by 30.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after buying an additional 557,100 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Butterfly Network by 30.6% during the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after acquiring an additional 539,171 shares during the period. Finally, Polen Capital Management LLC acquired a new position in Butterfly Network during the 4th quarter worth approximately $1,797,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.