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

William Blair started coverage on shares of Butterfly Network (NYSE:BFLY) in a research note issued to investors on Monday morning, Marketbeat reports. The brokerage issued an outperform rating on the stock.

Butterfly Network Price Performance

Shares of BFLY stock opened at $2.71 on Monday. The company’s fifty day simple moving average is $3.78 and its two-hundred day simple moving average is $2.92. Butterfly Network has a 1 year low of $0.67 and a 1 year high of $4.98. The stock has a market capitalization of $657.11 million, a price-to-earnings ratio of -5.88 and a beta of 2.48.

Insider Transactions at Butterfly Network

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. White Pine Capital LLC purchased a new position in Butterfly Network in the fourth quarter worth $398,000. Charles Schwab Investment Management Inc. grew its position in Butterfly Network by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after acquiring an additional 35,800 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new position in Butterfly Network in the fourth quarter worth $287,000. Palumbo Wealth Management LLC grew its position in Butterfly Network by 528.1% in the fourth quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company’s stock worth $229,000 after acquiring an additional 61,688 shares in the last quarter. Finally, Calamos Advisors LLC purchased a new position in Butterfly Network in the fourth quarter worth $525,000. Institutional investors 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.