Butterfly Network (NYSE:BFLY) Earns Buy Rating from Analysts at Craig Hallum

Craig Hallum began coverage on shares of Butterfly Network (NYSE:BFLY) in a research report report published on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $3.00 price target on the stock.

BFLY has been the topic of a number of other research reports. Lake Street Capital cut their target price on shares of Butterfly Network from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. William Blair assumed coverage on shares of Butterfly Network in a report on Monday, March 17th. They issued an “outperform” rating for the company.

Butterfly Network Price Performance

BFLY opened at $2.00 on Tuesday. Butterfly Network has a one year low of $0.90 and a one year high of $4.98. The business has a 50 day simple moving average of $2.27 and a two-hundred day simple moving average of $2.93. The firm has a market capitalization of $493.34 million, a price-to-earnings ratio of -6.88 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. Butterfly Network had a negative return on equity of 29.97% and a negative net margin of 75.56%. The firm had revenue of $21.23 million for the quarter, compared to analysts’ expectations of $21.16 million. As a group, sell-side analysts expect that Butterfly Network will post -0.35 EPS for the current fiscal year.

Insider Activity at Butterfly Network

In related news, EVP Heather C. Getz sold 65,456 shares of the stock in a transaction dated 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 transaction, the executive vice president directly owned 2,919,274 shares in the company, valued at $6,422,402.80. This trade represents a 2.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph Devivo sold 320,215 shares of Butterfly Network stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $2.44, for a total transaction of $781,324.60. Following the transaction, the chief executive officer directly owned 7,249,789 shares of the company’s stock, valued at approximately $17,689,485.16. This trade represents a 4.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 25.18% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently bought and sold shares of BFLY. First Light Asset Management LLC purchased a new position in shares of Butterfly Network during the fourth quarter valued at approximately $12,463,000. Lord Abbett & CO. LLC bought a new position in Butterfly Network during the 1st quarter valued at approximately $3,225,000. Capital World Investors bought a new position in Butterfly Network during the 4th quarter valued at approximately $4,239,000. Acadian Asset Management LLC raised its stake in Butterfly Network by 270.5% during the first quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company’s stock valued at $3,642,000 after buying an additional 1,167,055 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Butterfly Network by 15.6% in the first quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company’s stock worth $19,605,000 after acquiring an additional 1,161,647 shares in the last quarter. 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.