Butterfly Network (NYSE:BFLY) Now Covered by William Blair

William Blair initiated coverage on shares of Butterfly Network (NYSE:BFLY) in a research note issued on Monday. The brokerage set an “outperform” rating on the stock.

Butterfly Network Price Performance

NYSE BFLY opened at $2.68 on Monday. The business has a 50 day moving average price of $3.81 and a 200 day moving average price of $2.91. The company has a market capitalization of $649.82 million, a P/E ratio of -5.82 and a beta of 2.48. Butterfly Network has a 1-year low of $0.67 and a 1-year high of $4.98.

Insiders Place Their Bets

In other news, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the sale, the chief financial officer now directly owns 2,669,333 shares in the company, valued at $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction 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. 27.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Jefferies Financial Group Inc. acquired a new position in Butterfly Network in the fourth quarter valued at $91,000. Alpine Global Management LLC purchased a new position in Butterfly Network in the 4th quarter valued at about $95,000. Two Sigma Advisers LP purchased a new position in Butterfly Network in the fourth quarter valued at about $233,000. Two Sigma Investments LP grew its position in shares of Butterfly Network by 392.1% during the fourth quarter. Two Sigma Investments LP now owns 637,474 shares of the company’s stock worth $1,989,000 after buying an additional 507,923 shares in the last quarter. Finally, Parkman Healthcare Partners LLC acquired a new position in Butterfly Network during the 4th quarter worth $2,340,000. Hedge funds and other 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.