Butterfly Network (NYSE:BFLY) Rating Lowered to "Market Perform" at Oppenheimer

Key Points

• Butterfly Network has been downgraded from an "outperform" rating to a "market perform" rating by Oppenheimer, reflecting a shift in analysts' outlook on the company.
• The stock is currently trading at $1.46 after a decline, with analysts predicting an earnings per share of -0.35 for the current year.
• Significant changes in institutional holdings were noted, with several hedge funds increasing their stakes in Butterfly Network during the fourth quarter.

Butterfly Network (NYSE:BFLY - Get Free Report) was downgraded by analysts at Oppenheimer from an "outperform" rating to a "market perform" rating in a report issued on Friday, Marketbeat reports.

Several other equities research analysts have also issued reports on BFLY. Craig Hallum began coverage on Butterfly Network in a research report on Tuesday, July 1st. They set a "buy" rating and a $3.00 price target on the stock. Lake Street Capital cut their price objective 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.

Butterfly Network Stock Performance

Shares of NYSE BFLY traded down $0.30 during midday trading on Friday, reaching $1.41. 10,636,023 shares of the company's stock were exchanged, compared to its average volume of 3,330,201. Butterfly Network has a 52-week low of $0.90 and a 52-week high of $4.98. The business's fifty day moving average price is $2.09 and its two-hundred day moving average price is $2.70. The stock has a market capitalization of $348.68 million, a PE ratio of -4.86 and a beta of 2.45.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. The company had revenue of $21.23 million for the quarter, compared to analyst estimates of $21.16 million. Butterfly Network had a negative return on equity of 29.97% and a negative net margin of 75.56%. Analysts predict that Butterfly Network will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Heather C. Getz sold 65,456 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $2.20, for a total transaction of $144,003.20. Following the completion of the sale, the executive vice president directly owned 2,919,274 shares of the company's stock, valued at $6,422,402.80. This represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 25.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently modified their holdings of BFLY. Ground Swell Capital LLC purchased a new position in Butterfly Network during the 4th quarter valued at about $32,000. Total Wealth Planning & Management Inc. purchased a new position in Butterfly Network during the first quarter valued at approximately $25,000. TradeLink Capital LLC purchased a new stake in Butterfly Network in the 1st quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Butterfly Network during the 2nd quarter valued at $25,000. Finally, CTC Alternative Strategies Ltd. purchased a new position in shares of Butterfly Network during the 1st quarter valued at $29,000. 37.85% of the stock is owned by institutional investors and hedge funds.

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.