Butterfly Network (NYSE:BFLY) Cut to Sell at Wall Street Zen

Butterfly Network (NYSE:BFLY) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Other analysts also recently issued research reports about the company. Oppenheimer reaffirmed a “market perform” rating on shares of Butterfly Network in a research report on Friday, August 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Finally, Craig Hallum reiterated a “positive” rating and set a $2.00 price objective on shares of Butterfly Network in a research note on Monday, August 4th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Butterfly Network has an average rating of “Hold” and an average target price of $3.00.

Butterfly Network Stock Up 2.2%

NYSE BFLY opened at $2.12 on Friday. The firm’s 50 day moving average is $2.14 and its 200-day moving average is $2.02. The company has a market capitalization of $534.25 million, a PE ratio of -6.41 and a beta of 2.65. Butterfly Network has a 12-month low of $1.32 and a 12-month high of $4.98.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. The business had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Butterfly Network will post -0.35 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In related news, insider Steve Cashman sold 142,590 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $1.50, for a total value of $213,885.00. Following the sale, the insider owned 2,181,884 shares in the company, valued at approximately $3,272,826. This represents a 6.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan M. Rothberg sold 100,502 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $3.08, for a total value of $309,546.16. Following the sale, the director directly owned 1,140,007 shares of the company’s stock, valued at $3,511,221.56. This represents a 8.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 370,628 shares of company stock worth $848,060 over the last 90 days. Company insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently modified their holdings of BFLY. TradeLink Capital LLC bought a new stake in shares of Butterfly Network during the 1st quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in Butterfly Network during the second quarter worth approximately $25,000. CTC Alternative Strategies Ltd. bought a new stake in shares of Butterfly Network during the first quarter worth approximately $29,000. Deutsche Bank AG bought a new stake in shares of Butterfly Network during the first quarter worth approximately $31,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Butterfly Network in the third quarter valued at approximately $32,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.