Lake Street Capital Cuts Butterfly Network (NYSE:BFLY) Price Target to $4.00

Butterfly Network (NYSE:BFLY) had its target price lowered by Lake Street Capital from $5.00 to $4.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, William Blair assumed coverage on Butterfly Network in a research note on Monday, March 17th. They issued an “outperform” rating for the company.

Butterfly Network Price Performance

Shares of BFLY opened at $2.21 on Monday. Butterfly Network has a 1 year low of $0.82 and a 1 year high of $4.98. The stock has a 50 day simple moving average of $2.53 and a two-hundred day simple moving average of $3.08. The firm has a market cap of $535.65 million, a P/E ratio of -4.79 and a beta of 2.59.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. The company had revenue of $21.23 million during the quarter, compared to analysts’ expectations of $21.16 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. On average, equities analysts anticipate that Butterfly Network will post -0.35 earnings per share for the current year.

Insider Activity at Butterfly Network

In related news, CEO Joseph Devivo sold 320,215 shares of the business’s stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $2.44, for a total transaction of $781,324.60. Following the transaction, the chief executive officer now owns 7,249,789 shares in the company, valued at $17,689,485.16. The trade was a 4.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 27.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Butterfly Network

A number of large investors have recently made changes to their positions in BFLY. Sound View Wealth Advisors Group LLC lifted its stake in Butterfly Network by 18.5% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 16,000 shares of the company’s stock worth $50,000 after acquiring an additional 2,500 shares during the period. 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 worth $97,000 after purchasing an additional 4,212 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Butterfly Network by 23.9% in the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company’s stock worth $74,000 after purchasing an additional 4,606 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Butterfly Network by 33.0% during the 1st quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company’s stock valued at $46,000 after purchasing an additional 5,010 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC increased its position 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 valued at $107,000 after buying an additional 9,250 shares during the period. 37.85% of the stock is currently owned by institutional investors.

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.