Butterfly Network (NYSE:BFLY) Upgraded by Wall Street Zen to Hold Rating

Butterfly Network (NYSE:BFLY) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday.

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

Butterfly Network Stock Up 13.8%

BFLY opened at $2.64 on Friday. Butterfly Network has a 52 week low of $1.32 and a 52 week high of $4.98. The business’s 50 day moving average is $2.21 and its two-hundred day moving average is $2.02. The firm has a market cap of $666.86 million, a price-to-earnings ratio of -8.00 and a beta of 2.65.

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

Insider Activity

In other news, insider Steve Cashman sold 142,590 shares of Butterfly Network stock in a transaction dated Thursday, September 4th. The shares were 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 of the company’s stock, valued at $3,272,826. The trade was a 6.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jonathan M. Rothberg sold 100,502 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $3.08, for a total transaction of $309,546.16. Following the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 370,628 shares of company stock valued at $848,060 over the last quarter. Corporate insiders own 25.18% of the company’s stock.

Institutional Trading of Butterfly Network

Hedge funds have recently modified their holdings of the business. CIBC Bancorp USA Inc. acquired a new position in Butterfly Network during the third quarter worth $40,000. Kestra Private Wealth Services LLC boosted its position in shares of Butterfly Network by 93.9% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 50,017 shares of the company’s stock worth $97,000 after purchasing an additional 24,217 shares in the last quarter. Voleon Capital Management LP acquired a new position in shares of Butterfly Network during the 3rd quarter worth $114,000. Prelude Capital Management LLC acquired a new position in shares of Butterfly Network during the 3rd quarter worth $211,000. Finally, Parkman Healthcare Partners LLC purchased a new position in shares of Butterfly Network in the 3rd quarter valued at about $1,162,000. 37.85% of the stock is owned by institutional investors and hedge funds.

About Butterfly Network

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.