Butterfly Network (NYSE:BFLY) Now Covered by Lake Street Capital

Stock analysts at Lake Street Capital began coverage on shares of Butterfly Network (NYSE:BFLY - Get Free Report) in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm set a "buy" rating and a $3.00 price target on the stock. Lake Street Capital's target price indicates a potential upside of 50.38% from the company's previous close.

Butterfly Network Stock Performance

Shares of NYSE:BFLY traded up $0.14 during trading on Tuesday, reaching $2.00. The stock had a trading volume of 5,677,909 shares, compared to its average volume of 1,823,752. The business has a fifty day moving average price of $1.11 and a 200-day moving average price of $1.03. Butterfly Network has a 1-year low of $0.67 and a 1-year high of $2.11. The stock has a market cap of $420.36 million, a PE ratio of -3.44 and a beta of 2.14.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.05. The business had revenue of $21.49 million during the quarter, compared to analyst estimates of $20.06 million. Butterfly Network had a negative net margin of 153.29% and a negative return on equity of 43.77%. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. Sell-side analysts expect that Butterfly Network will post -0.37 earnings per share for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, CEO Joseph Devivo bought 104,000 shares of Butterfly Network stock in a transaction on Wednesday, August 7th. The shares were bought at an average price of $0.95 per share, for a total transaction 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 $6,658,759.95. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Larry Robbins bought 244,774 shares of the company's stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the acquisition, the director now owns 9,955,144 shares of the company's stock, valued at $10,652,004.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph Devivo purchased 104,000 shares of the firm's stock in a transaction on Wednesday, August 7th. The shares were purchased at an average price of $0.95 per share, for a total transaction of $98,800.00. Following the completion of the purchase, 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.

Institutional Trading of Butterfly Network

Several hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC purchased a new stake in shares of Butterfly Network during the fourth quarter worth $28,000. Texas Capital Bank Wealth Management Services Inc increased its holdings 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 worth $76,000 after purchasing an additional 20,000 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in 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 in the last quarter. GSA Capital Partners LLP boosted 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 buying an additional 16,496 shares during the period. Finally, Oppenheimer & Co. Inc. grew its position in shares of Butterfly Network by 645.1% during the first quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company's stock worth $94,000 after buying an additional 75,480 shares in the last quarter. Institutional investors and hedge funds 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.