Butterfly Network (NYSE:BFLY) Research Coverage Started at Lake Street Capital

Lake Street Capital began coverage on shares of Butterfly Network (NYSE:BFLY) in a research note released on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $3.00 price target on the stock.

Butterfly Network Stock Up 1.9 %

Shares of NYSE BFLY opened at $1.92 on Tuesday. The stock has a market capitalization of $407.07 million, a price-to-earnings ratio of -3.30 and a beta of 2.14. The stock’s fifty day simple moving average is $1.17 and its 200 day simple moving average is $1.05. Butterfly Network has a 52-week low of $0.67 and a 52-week high of $2.20.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, August 1st. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. Butterfly Network had a negative return on equity of 43.77% and a negative net margin of 153.29%. The business had revenue of $21.49 million during the quarter, compared to analysts’ expectations of $20.06 million. During the same quarter last year, the firm posted ($0.14) earnings per share. As a group, analysts anticipate that Butterfly Network will post -0.37 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Larry Robbins purchased 244,774 shares of the business’s stock in a transaction on Friday, August 30th. The stock was purchased at an average price of $1.07 per share, with a total value of $261,908.18. Following the acquisition, the director now directly owns 9,955,144 shares in the company, valued at approximately $10,652,004.08. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Joseph Devivo bought 104,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average cost of $0.95 per share, with a total value of $98,800.00. Following the acquisition, the chief executive officer now owns 7,009,221 shares in the company, valued at approximately $6,658,759.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Larry Robbins purchased 244,774 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the completion of the transaction, the director now owns 9,955,144 shares in the company, valued at $10,652,004.08. The disclosure for this purchase can be found here. 27.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BFLY. Cetera Advisors LLC acquired a new stake in Butterfly Network during the 1st quarter worth $1,250,000. Oppenheimer & Co. Inc. raised its stake in Butterfly Network by 645.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company’s stock worth $94,000 after buying an additional 75,480 shares during the period. GSA Capital Partners LLP raised its stake in shares of Butterfly Network by 3.0% in the 1st quarter. GSA Capital Partners LLP now owns 559,008 shares of the company’s stock valued at $604,000 after purchasing an additional 16,496 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Butterfly Network by 15.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 421,296 shares of the company’s stock valued at $455,000 after purchasing an additional 55,892 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Butterfly Network by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock valued at $8,516,000 after purchasing an additional 218,720 shares during the period. 37.85% of the stock is currently owned by 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.