Butterfly Network (NYSE:BFLY) Stock Rating Raised to “Strong-Buy” at Evercore

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

Other equities analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Needham & Company LLC initiated coverage on Butterfly Network in a report on Tuesday, September 22nd. They set a “buy” rating and a $10.00 price objective on the stock. Finally, TD Cowen reiterated a “buy” rating and set a $10.00 target price on shares of Butterfly Network in a research report on Friday, September 11th. 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.54.

Butterfly Network Trading Down 0.6%

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

Butterfly Network (NYSE:BFLY) last posted 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. The company had revenue of $32.61 million for the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, equities analysts forecast that Butterfly Network will post -0.18 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Megan Carlson sold 13,804 shares of the stock in a transaction dated 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 sale, the chief accounting officer owned 412,085 shares in the company, valued at approximately $3,008,220.50. This represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Nicholas Caezza sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $9.75, for a total value of $97,500.00. Following the transaction, the general counsel directly owned 300,307 shares in the company, valued at approximately $2,927,993.25. This represents a 3.22% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 4,749,549 shares of company stock valued at $32,279,460. 21.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. KBC Group NV acquired a new stake in shares of Butterfly Network during the first quarter worth $25,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Butterfly Network in the 2nd quarter valued at $100,000. Redwood Family Wealth LLC acquired a new position in Butterfly Network in the 4th quarter valued at $46,000. NewEdge Wealth LLC purchased a new position in Butterfly Network during the 1st quarter worth $53,000. Finally, Principal Financial Group Inc. raised its position in Butterfly Network by 24.0% during the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock worth $58,000 after buying an additional 2,753 shares during the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.