Butterfly Network (NYSE:BFLY) Coverage Initiated by Analysts at William Blair

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

Butterfly Network Trading Up 4.0 %

NYSE BFLY opened at $2.71 on Monday. Butterfly Network has a 12 month low of $0.67 and a 12 month high of $4.98. The stock has a 50 day moving average of $3.72 and a 200-day moving average of $2.93. The company has a market cap of $657.11 million, a PE ratio of -5.88 and a beta of 2.48.

Insider Activity

In related news, CFO Heather C. Getz sold 30,136 shares of Butterfly Network 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 completion of the transaction, 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 document filed with the SEC, which is accessible through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the transaction, the insider now directly owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. This trade represents 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 Investors Weigh In On Butterfly Network

Several hedge funds have recently added to or reduced their stakes in BFLY. Sound View Wealth Advisors Group LLC lifted its stake in shares of Butterfly Network by 18.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 16,000 shares of the company’s stock worth $50,000 after buying an additional 2,500 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Butterfly Network by 15.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company’s stock valued at $97,000 after acquiring an additional 4,212 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in Butterfly Network by 23.9% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company’s stock worth $74,000 after acquiring an additional 4,606 shares during the last quarter. Kovitz Investment Group Partners LLC boosted its holdings in shares of Butterfly Network by 37.0% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company’s stock worth $107,000 after acquiring an additional 9,250 shares during the period. Finally, Ground Swell Capital LLC acquired a new position in shares of Butterfly Network in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.