William Blair Initiates Coverage on Butterfly Network (NYSE:BFLY)

Investment analysts at William Blair began coverage on shares of Butterfly Network (NYSE:BFLY) in a report issued on Monday, MarketBeat.com reports. The brokerage set an “outperform” rating on the stock.

Butterfly Network Stock Performance

NYSE:BFLY opened at $2.60 on Monday. The stock’s fifty day moving average is $3.75 and its 200 day moving average is $2.93. Butterfly Network has a fifty-two week low of $0.67 and a fifty-two week high of $4.98. The firm has a market capitalization of $630.39 million, a PE ratio of -5.64 and a beta of 2.48.

Insiders Place Their Bets

In other news, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steve Cashman sold 164,079 shares of the stock in a transaction 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 $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.

Hedge Funds Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ground Swell Capital LLC bought a new position in shares of Butterfly Network during the 4th quarter worth $32,000. Y Intercept Hong Kong Ltd bought a new position in shares of Butterfly Network during the 4th quarter worth $34,000. Verdence Capital Advisors LLC bought a new position in shares of Butterfly Network during the 4th quarter worth $41,000. Barclays PLC grew its position in shares of Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after buying an additional 25,011 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new position in shares of Butterfly Network during the 3rd quarter worth $44,000. 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.