Butterfly Network (NYSE:BFLY) Upgraded at Canaccord Genuity Group

Key Points

• Canaccord Genuity upgraded Butterfly Network to “strong buy,” while analysts overall maintain a “Moderate Buy” consensus with an $8.75 target price.
• Butterfly Network shares traded up 3.8% to $8.56, with a market capitalization of approximately $2.28 billion. The company recently beat quarterly earnings and revenue estimates.
• Insiders sold 4.46 million shares worth about $30.1 million over the past three months, although the reported sales were primarily to cover tax withholding on vested equity awards.

Butterfly Network (NYSE:BFLY - Get Free Report) was upgraded by stock analysts at Canaccord Genuity Group to a "strong-buy" rating in a report issued on Monday, Zacks reports.

BFLY has been the subject of a number of other research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Butterfly Network in a research report on Monday, August 3rd. Needham & Company LLC began 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. Evercore began coverage on Butterfly Network in a report on Tuesday, September 29th. They set an "outperform" rating and a $15.00 price objective on the stock. Finally, TD Cowen reissued a "buy" rating and issued a $10.00 price objective on shares of Butterfly Network in a research note on Friday, September 11th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.75.

Butterfly Network Trading Up 3.8%

Butterfly Network stock opened at $8.56 on Monday. The company has a market capitalization of $2.28 billion, a P/E ratio of -29.52 and a beta of 2.04. The firm's fifty day simple moving average is $8.51 and its 200-day simple moving average is $6.70. Butterfly Network has a 1-year low of $1.90 and a 1-year high of $10.21.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business 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%. On average, equities research analysts predict that Butterfly Network will post -0.18 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Steve Cashman sold 140,112 shares of the company's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the completion of the sale, the insider directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Megan Carlson sold 10,114 shares of the firm's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $8.74, for a total transaction of $88,396.36. Following the completion of the transaction, the chief accounting officer owned 401,971 shares in the company, valued at $3,513,226.54. The trade was a 2.45% 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. Insiders sold 4,458,547 shares of company stock valued at $30,071,305 in the last three months. Company insiders own 21.99% of the company's stock.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently bought and sold shares of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its position in shares of Butterfly Network by 4.9% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company's stock valued at $358,000 after purchasing an additional 2,000 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of Butterfly Network by 11.5% in the second quarter. HighTower Advisors LLC now owns 20,430 shares of the company's stock worth $172,000 after purchasing an additional 2,110 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Butterfly Network by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company's stock worth $466,000 after purchasing an additional 2,125 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of 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 purchasing an additional 2,753 shares during the last quarter. Finally, AXQ Capital LP lifted its position in shares of Butterfly Network by 15.8% during the 2nd quarter. AXQ Capital LP now owns 34,555 shares of the company's stock worth $291,000 after purchasing an additional 4,716 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company's systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.

Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.