Needham & Company LLC Upgrades Butterfly Network (NYSE:BFLY) to "Moderate Buy"

Key Points

• Needham upgraded Butterfly Network to “Moderate Buy,” joining a consensus rating of Moderate Buy from six analysts with a $7.25 average price target.
• Butterfly Network shares rose 21.9% to open at $9.93, near their 12-month high of $10.05. The company recently beat quarterly earnings and revenue estimates, reporting an adjusted loss of $0.01 per share on $32.61 million in revenue.
• Insiders have sold 4.74 million shares worth approximately $32.2 million over the past 90 days, while institutional investors own 37.85% of the company.

Butterfly Network (NYSE:BFLY - Get Free Report) was upgraded by equities research analysts at Needham & Company LLC to a "moderate buy" rating in a report issued on Tuesday, Zacks reports.

Other analysts have also issued reports about the stock. TD Cowen reiterated a "buy" rating and issued a $10.00 price target on shares of Butterfly Network in a research note on Friday, September 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a report 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's stock. According to data from MarketBeat, Butterfly Network has a consensus rating of "Moderate Buy" and a consensus target price of $7.25.

Butterfly Network Trading Up 21.9%

NYSE BFLY opened at $9.93 on Tuesday. Butterfly Network has a 12 month low of $1.87 and a 12 month high of $10.05. The stock's fifty day moving average price is $8.02 and its 200-day moving average price is $6.21. The stock has a market cap of $2.64 billion, a P/E ratio of -34.23 and a beta of 2.08.

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 for the quarter, beating analysts' consensus estimates 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%. As a group, analysts forecast that Butterfly Network will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Nicholas Caezza sold 10,000 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $9.75, for a total value of $97,500.00. Following the transaction, the general counsel owned 300,307 shares of the company's stock, valued at approximately $2,927,993.25. The trade was a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, 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. Over the last 90 days, insiders have sold 4,743,569 shares of company stock valued at $32,219,597. Company insiders own 21.99% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BFLY. State Street Corp boosted its stake in shares of Butterfly Network by 4.0% during the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company's stock worth $48,522,000 after purchasing an additional 223,012 shares during the period. The Manufacturers Life Insurance Company increased its stake in Butterfly Network by 4.0% in the second 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 period. Engineers Gate Manager LP bought a new stake in Butterfly Network during the 2nd quarter valued at about $595,000. Squarepoint Ops LLC raised its stake in shares of Butterfly Network by 27.0% during the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company's stock valued at $3,792,000 after acquiring an additional 95,850 shares in the last quarter. Finally, Corient Private Wealth LP purchased a new stake in shares of Butterfly Network in the 2nd quarter worth $156,000. Hedge funds and other institutional investors 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.

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