Butterfly Network (NYSE:BFLY) Reaches New 52-Week High After Analyst Upgrade

by · The Markets Daily

Butterfly Network, Inc. (NYSE:BFLY – Get Free Report)’s stock price reached a new 52-week high during trading on Wednesday after Needham & Company LLC upgraded the stock to a moderate buy rating. The company traded as high as $10.05 and last traded at $9.32, with a volume of 1236427 shares traded. The stock had previously closed at $9.93.

Other analysts have also issued research reports about the stock. TD Cowen reiterated a “buy” rating and set a $10.00 target price on shares of Butterfly Network in a research note on Friday, September 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. 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 company. According to data from MarketBeat.com, Butterfly Network currently has an average rating of “Moderate Buy” and an average target price of $7.25.

Check Out Our Latest Report on Butterfly Network

Insiders Place Their Bets

In related news, Director Louise Phanstiel acquired 115,200 shares of the company’s stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $8.68 per share, for a total transaction of $999,936.00. Following the purchase, the director owned 300,461 shares in the company, valued at $2,608,001.48. This represents a 62.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Megan Carlson sold 13,804 shares of Butterfly Network stock in a transaction 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 sale, the chief accounting officer directly owned 412,085 shares of the company’s stock, valued at $3,008,220.50. This trade represents a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 4,743,569 shares of company stock valued at $32,219,597 over the last ninety days. Insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently bought and sold shares of the stock. KBC Group NV bought a new stake in shares of Butterfly Network in the 1st quarter worth approximately $25,000. Sfmg LLC bought a new stake in shares of Butterfly Network during the fourth quarter worth $39,000. Redwood Family Wealth LLC bought a new position in shares of Butterfly Network in the fourth quarter worth about $46,000. NewEdge Wealth LLC acquired a new position in shares of Butterfly Network during the first quarter worth approximately $53,000. Finally, Principal Financial Group Inc. grew its stake in shares of Butterfly Network by 24.0% during the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after purchasing an additional 2,753 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Stock Down 5.2%

The business’s fifty day moving average is $8.02 and its two-hundred day moving average is $6.21. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -32.58 and a beta of 2.08.

Butterfly Network (NYSE:BFLY – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $29.16 million. Research analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Butterfly Network Company Profile

(Get Free Report)

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.

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