Oppenheimer Reiterates "Market Perform" Rating for Butterfly Network (NYSE:BFLY)

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)'s stock had its "market perform" rating restated by investment analysts at Oppenheimer in a research note issued on Friday, Marketbeat Ratings reports.

A number of other research analysts have also recently weighed in on BFLY. Craig Hallum started coverage on shares of Butterfly Network in a research note on Tuesday, July 1st. They set a "buy" rating and a $3.00 price objective for the company. Lake Street Capital dropped their price objective on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a research note on Monday, May 5th.

Butterfly Network Price Performance

Butterfly Network stock traded down $0.05 during mid-day trading on Friday, reaching $1.39. The company had a trading volume of 2,210,686 shares, compared to its average volume of 3,906,884. Butterfly Network has a 1 year low of $0.90 and a 1 year high of $4.98. The company has a market capitalization of $342.50 million, a P/E ratio of -4.95 and a beta of 2.45. The stock's 50-day simple moving average is $2.07 and its 200-day simple moving average is $2.66.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its earnings results on Friday, August 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. Butterfly Network had a negative net margin of 71.79% and a negative return on equity of 31.93%. The company had revenue of $23.38 million during the quarter, compared to analysts' expectations of $23.91 million. On average, equities analysts forecast that Butterfly Network will post -0.35 EPS for the current fiscal year.

Institutional Trading of Butterfly Network

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Butterfly Network by 15.6% in the 1st 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 during the period. ARK Investment Management LLC grew its stake in Butterfly Network by 16.8% in the 1st quarter. ARK Investment Management LLC now owns 7,023,980 shares of the company's stock worth $16,015,000 after acquiring an additional 1,012,460 shares during the period. First Light Asset Management LLC boosted its holdings in shares of Butterfly Network by 37.8% in the 1st quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company's stock valued at $12,553,000 after purchasing an additional 1,511,029 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Butterfly Network by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company's stock valued at $5,470,000 after purchasing an additional 30,828 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Butterfly Network by 270.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company's stock valued at $3,642,000 after purchasing an additional 1,167,055 shares during the last quarter. 37.85% of the stock is owned by hedge funds and other 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.