Butterfly Network (NYSE:BFLY) Earns Buy Rating from Analysts at Lake Street Capital

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

Butterfly Network Trading Down 1.6 %

BFLY stock opened at $1.90 on Tuesday. The firm has a market capitalization of $400.35 million, a PE ratio of -3.28 and a beta of 2.14. The business’s 50 day simple moving average is $1.15 and its 200 day simple moving average is $1.05. Butterfly Network has a 1-year low of $0.67 and a 1-year high of $2.20.

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

Insider Transactions at Butterfly Network

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

Hedge Funds Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Private Advisor Group LLC bought a new position in shares of Butterfly Network during the 4th quarter worth approximately $28,000. Point72 DIFC Ltd raised its position in Butterfly Network by 1,271.4% in the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after buying an additional 71,773 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc lifted its stake in Butterfly Network by 40.0% during the 4th quarter. Texas Capital Bank Wealth Management Services Inc now owns 70,000 shares of the company’s stock valued at $76,000 after acquiring an additional 20,000 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Butterfly Network during the 2nd quarter worth $90,000. Finally, Oppenheimer & Co. Inc. boosted its holdings 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 acquiring an additional 75,480 shares during the last quarter. 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.