Butterfly Network (NYSE:BFLY) Stock Rating Upgraded by Evercore

Butterfly Network (NYSE:BFLY) was upgraded by research analysts at Evercore to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other equities analysts have also recently weighed in on the stock. Needham & Company LLC started coverage on shares of Butterfly Network in a research note on Tuesday, September 22nd. They set a “buy” rating and a $10.00 price target on the stock. TD Cowen reiterated a “buy” rating and set a $10.00 price target on shares of Butterfly Network in a research report on Friday, September 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Butterfly Network currently has a consensus rating of “Moderate Buy” and an average price target of $8.54.

Butterfly Network Price Performance

BFLY opened at $9.10 on Tuesday. Butterfly Network has a 12 month low of $1.87 and a 12 month high of $10.05. The stock has a market capitalization of $2.42 billion, a P/E ratio of -31.37 and a beta of 2.08. The business has a 50 day simple moving average of $8.26 and a 200-day simple moving average of $6.40.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. Research analysts anticipate that Butterfly Network will post -0.18 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, CAO Megan Carlson sold 68,852 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72. Following the completion of the transaction, the chief accounting officer owned 425,889 shares of the company’s stock, valued at approximately $3,347,487.54. This trade represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Joseph Devivo sold 211,798 shares of the business’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $6.56, for a total value of $1,389,394.88. Following the completion of the transaction, the chief executive officer directly owned 7,672,046 shares of the company’s stock, valued at approximately $50,328,621.76. This trade represents a 2.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 4,749,549 shares of company stock worth $32,279,460. 21.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of Butterfly Network by 4.0% during 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. The Manufacturers Life Insurance Company increased its stake in Butterfly Network by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock valued at $466,000 after purchasing an additional 2,125 shares during the last quarter. Engineers Gate Manager LP purchased a new position in Butterfly Network during the second quarter worth about $595,000. Squarepoint Ops LLC lifted its position in Butterfly Network by 27.0% during the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock worth $3,792,000 after buying an additional 95,850 shares during the period. Finally, Corient Private Wealth LP acquired a new stake in Butterfly Network in the 2nd quarter worth about $156,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.