Butterfly Network (NYSE:BFLY) Rating Increased to Moderate Buy at Needham & Company LLC

Butterfly Network (NYSE:BFLY) was upgraded by Needham & Company LLC to a “moderate buy” rating in a report issued on Tuesday, Zacks reports.

Other research analysts also recently issued reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. TD Cowen reiterated a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a research note on Friday, September 11th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Butterfly Network has a consensus rating of “Moderate Buy” and a consensus price target of $7.25.

Butterfly Network Stock Performance

BFLY stock opened at $9.93 on Tuesday. Butterfly Network has a one year low of $1.87 and a one year high of $10.05. The firm has a 50-day simple moving average of $8.02 and a two-hundred day simple moving average of $6.21. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of -34.23 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last announced 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. The company had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. As a group, equities analysts predict that Butterfly Network will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Megan Carlson sold 13,804 shares of the 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 $100,769.20. Following the completion of the transaction, the chief accounting officer owned 412,085 shares of the company’s stock, valued at approximately $3,008,220.50. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Steve Cashman sold 140,112 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $7.30, for a total value of $1,022,817.60. Following the transaction, the insider owned 1,490,295 shares of the company’s stock, valued at approximately $10,879,153.50. This represents 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 three months, insiders have sold 4,743,569 shares of company stock valued at $32,219,597. 21.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Butterfly Network

Large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its position 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 purchasing an additional 1,728,938 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Butterfly Network during the second quarter worth about $4,878,000. Dimensional Fund Advisors LP increased its position 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 worth $9,524,000 after buying an additional 557,100 shares during the period. Sei Investments Co. raised its position in Butterfly Network by 30.6% in the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock valued at $9,288,000 after purchasing an additional 539,171 shares during the last quarter. Finally, Polen Capital Management LLC purchased a new stake in shares of Butterfly Network in the fourth quarter valued at about $1,797,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

About Butterfly Network

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.