Butterfly Network (NYSE:BFLY) Given Buy Rating at TD Cowen

Key Points

• TD Cowen reaffirmed a Buy rating on Butterfly Network with a $10 price target, implying 36.15% upside from the prior close. However, the broader analyst consensus remains Hold, with an average target of $6.56.
• Butterfly Network shares rose to $7.34, while the company reported quarterly adjusted losses of $0.01 per share, better than the expected $0.04 loss, and revenue of $32.61 million versus estimates of $29.16 million.
• Insider activity was mixed: a director purchased nearly $1 million of shares, while insiders collectively sold 4.74 million shares worth $32.2 million over the past three months. Insiders own approximately 21.99% of the company.

Butterfly Network (NYSE:BFLY - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at TD Cowen in a report released on Friday, Benzinga reports. They currently have a $10.00 price objective on the stock. TD Cowen's price objective would suggest a potential upside of 36.15% from the company's previous close.

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $6.56.

Butterfly Network Price Performance

Shares of BFLY stock traded up $0.23 during trading on Friday, reaching $7.34. The company had a trading volume of 468,517 shares, compared to its average volume of 6,484,988. The company has a market capitalization of $1.96 billion, a PE ratio of -25.26 and a beta of 2.08. The firm's 50 day simple moving average is $8.00 and its two-hundred day simple moving average is $5.97. Butterfly Network has a one year low of $1.52 and a one year high of $10.05.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its earnings results 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 during the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. Analysts forecast that Butterfly Network will post -0.18 earnings per share for the current year.

Insider Activity at Butterfly Network

In related news, Director Louise Phanstiel acquired 115,200 shares of Butterfly Network stock in a transaction on Friday, August 14th. The stock was acquired 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 of the company's stock, valued at approximately $2,608,001.48. This represents a 62.18% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Megan Carlson sold 13,804 shares of the business's stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $7.30, for a total value of $100,769.20. Following the completion of the transaction, the chief accounting officer directly 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 SEC filing for this sale provides additional information. 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 worth $32,219,597 in the last three months. Company insiders own 21.99% of the company's stock.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently bought and sold shares of the stock. KBC Group NV purchased a new stake in shares of Butterfly Network in the first quarter valued at approximately $25,000. Ameriprise Financial Inc. acquired a new stake in Butterfly Network in the third quarter valued at $25,000. BNP Paribas Financial Markets grew its holdings in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock valued at $33,000 after purchasing an additional 14,244 shares during the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Butterfly Network in the fourth quarter valued at $38,000. Finally, Sfmg LLC purchased a new position in shares of Butterfly Network in the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 37.85% of the company's stock.

About Butterfly Network

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company's flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.

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