Butterfly Network (NYSE:BFLY) Coverage Initiated at Craig Hallum

Craig Hallum initiated coverage on shares of Butterfly Network (NYSE:BFLY) in a research report released on Tuesday, Marketbeat Ratings reports. The firm issued a buy rating and a $3.00 price objective on the stock.

A number of other brokerages also recently issued reports on BFLY. Lake Street Capital lowered their price target on Butterfly Network from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Monday, May 5th. William Blair began coverage on Butterfly Network in a research report on Monday, March 17th. They issued an “outperform” rating for the company.

Butterfly Network Stock Performance

Shares of NYSE BFLY opened at $2.00 on Tuesday. The firm’s 50 day moving average price is $2.27 and its 200-day moving average price is $2.93. Butterfly Network has a 52-week low of $0.90 and a 52-week high of $4.98. The company has a market cap of $493.34 million, a PE ratio of -6.88 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. Butterfly Network had a negative net margin of 75.56% and a negative return on equity of 29.97%. The company had revenue of $21.23 million during the quarter, compared to analyst estimates of $21.16 million. On average, analysts forecast that Butterfly Network will post -0.35 earnings per share for the current fiscal year.

Insider Activity at Butterfly Network

In other Butterfly Network news, EVP Heather C. Getz sold 65,456 shares of Butterfly Network stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $2.20, for a total value of $144,003.20. Following the completion of the sale, the executive vice president owned 2,919,274 shares of the company’s stock, valued at approximately $6,422,402.80. The trade was a 2.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joseph Devivo sold 320,215 shares of the business’s stock in a transaction on Friday, April 25th. The shares were sold at an average price of $2.44, for a total transaction of $781,324.60. Following the sale, the chief executive officer owned 7,249,789 shares of the company’s stock, valued at approximately $17,689,485.16. This represents a 4.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 25.18% of the company’s stock.

Institutional Trading of Butterfly Network

A number of hedge funds have recently bought and sold shares of BFLY. Acadian Asset Management LLC boosted its stake in shares of Butterfly Network by 270.5% during the 1st quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company’s stock worth $3,642,000 after acquiring an additional 1,167,055 shares during the last quarter. CTC Alternative Strategies Ltd. bought a new stake in Butterfly Network during the 1st quarter valued at approximately $29,000. Goldman Sachs Group Inc. lifted its holdings in Butterfly Network by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after purchasing an additional 29,958 shares in the last quarter. Bosun Asset Management LLC bought a new position in Butterfly Network in the 1st quarter worth approximately $255,000. Finally, AWM Investment Company Inc. bought a new position in Butterfly Network in the 1st quarter worth approximately $2,280,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.