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

Equities research analysts at Craig Hallum assumed coverage on shares of Butterfly Network (NYSE:BFLY - Get Free Report) in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage set a "buy" rating and a $3.00 price target on the stock. Craig Hallum's price objective indicates a potential upside of 54.64% from the company's current price.

A number of other equities analysts have also issued reports on the stock. Lake Street Capital decreased their target price on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a research report on Monday, May 5th. William Blair started coverage on shares of Butterfly Network in a research note on Monday, March 17th. They issued an "outperform" rating for the company.

Butterfly Network Stock Performance

Shares of NYSE:BFLY traded down $0.06 during trading hours on Tuesday, hitting $1.94. The stock had a trading volume of 3,960,136 shares, compared to its average volume of 3,186,363. The stock's fifty day simple moving average is $2.29 and its 200 day simple moving average is $2.95. The firm has a market capitalization of $479.74 million, a price-to-earnings ratio of -6.69 and a beta of 2.54. Butterfly Network has a 1-year low of $0.85 and a 1-year high of $4.98.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. The business had revenue of $21.23 million during 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%. As a group, research analysts anticipate that Butterfly Network will post -0.35 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In related news, CEO Joseph Devivo sold 320,215 shares of Butterfly Network stock in a transaction dated Friday, April 25th. The stock was 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 $17,689,485.16. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Heather C. Getz sold 65,456 shares of the company's stock in a transaction dated 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. The trade was a 2.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 25.18% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Sound View Wealth Advisors Group LLC boosted its holdings in shares of Butterfly Network by 18.5% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 16,000 shares of the company's stock worth $50,000 after buying an additional 2,500 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Butterfly Network by 15.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company's stock valued at $97,000 after acquiring an additional 4,212 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in Butterfly Network by 23.9% in the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company's stock worth $74,000 after purchasing an additional 4,606 shares during the period. Bank of New York Mellon Corp grew its position in Butterfly Network by 33.0% during the 1st quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company's stock worth $46,000 after purchasing an additional 5,010 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC raised its stake in Butterfly Network by 37.0% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company's stock valued at $107,000 after purchasing an additional 9,250 shares during the period. Institutional investors and hedge funds 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.