Butterfly Network (NYSE:BFLY) Earns Outperform Rating from Analysts at William Blair

William Blair initiated coverage on shares of Butterfly Network (NYSE:BFLY) in a research report report published on Monday morning, MarketBeat reports. The brokerage issued an outperform rating on the stock.

Butterfly Network Stock Up 4.0 %

Shares of Butterfly Network stock opened at $2.71 on Monday. The business has a fifty day simple moving average of $3.72 and a 200 day simple moving average of $2.93. The stock has a market cap of $657.11 million, a PE ratio of -5.88 and a beta of 2.48. Butterfly Network has a 12 month low of $0.67 and a 12 month high of $4.98.

Insider Buying and Selling

In other news, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the sale, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $502,081.74. Following the transaction, the insider now owns 1,835,921 shares in the company, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Ground Swell Capital LLC acquired a new position in Butterfly Network during the 4th quarter worth approximately $32,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Butterfly Network in the fourth quarter worth $34,000. Verdence Capital Advisors LLC acquired a new position in Butterfly Network during the fourth quarter worth $41,000. Barclays PLC grew its position in Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new stake in Butterfly Network in the 3rd quarter valued at $44,000. 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.