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

Equities researchers at William Blair started coverage on shares of Butterfly Network (NYSE:BFLY) in a research report issued to clients and investors on Monday. The firm set an “outperform” rating on the stock.

Butterfly Network Stock Up 4.9 %

Shares of Butterfly Network stock opened at $2.68 on Monday. The stock’s fifty day moving average is $3.81 and its 200-day moving average is $2.91. The firm has a market capitalization of $649.82 million, a PE ratio of -5.82 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 Activity at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the sale, the chief financial officer now owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $502,081.74. Following the sale, the insider now directly owns 1,835,921 shares in the company, valued at $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently modified their holdings of the business. Jefferies Financial Group Inc. bought a new stake in shares of Butterfly Network in the fourth quarter worth about $91,000. Alpine Global Management LLC acquired a new stake in Butterfly Network during the 4th quarter valued at $95,000. Two Sigma Advisers LP bought a new position in Butterfly Network in the 4th quarter valued at about $233,000. Two Sigma Investments LP lifted its holdings in Butterfly Network by 392.1% during the 4th quarter. Two Sigma Investments LP now owns 637,474 shares of the company’s stock worth $1,989,000 after purchasing an additional 507,923 shares during the last quarter. Finally, Parkman Healthcare Partners LLC acquired a new stake in shares of Butterfly Network during the fourth quarter worth $2,340,000. 37.85% of the stock is owned by institutional investors.

About Butterfly Network

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.