Zacks Investment Research Upgrades Butterfly Network (NASDAQ:BFLY) to “Hold”

Zacks Investment Research upgraded shares of Butterfly Network (NASDAQ:BFLYGet Rating) from a strong sell rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

According to Zacks, “Butterfly Network Inc. created handheld, single-probe whole-body ultrasound system, Butterfly iQ. The company through its proprietary Ultrasound-On-Chip(TM) technology, Butterfly Network is paving the way for earlier detection and remote management of health conditions. Butterfly Network Inc., formerly known as Longview Acquisition Corp., is based in NEW YORK. “

Shares of NASDAQ BFLY opened at $3.37 on Tuesday. The stock has a 50 day moving average price of $4.43 and a 200 day moving average price of $6.34. Butterfly Network has a 52 week low of $3.30 and a 52 week high of $15.65. The stock has a market capitalization of $667.80 million, a PE ratio of -18.72 and a beta of 2.52.

Butterfly Network (NASDAQ:BFLYGet Rating) last issued its quarterly earnings results on Monday, February 28th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.22. Butterfly Network had a negative return on equity of 25.48% and a negative net margin of 51.80%. The firm had revenue of $18.99 million during the quarter. As a group, sell-side analysts forecast that Butterfly Network will post -1.14 earnings per share for the current fiscal year.

In other news, insider Stacey Pugh sold 16,122 shares of the firm’s stock in a transaction that occurred on Wednesday, February 16th. The stock was sold at an average price of $5.95, for a total value of $95,925.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Larry Robbins acquired 500,000 shares of the business’s stock in a transaction dated Tuesday, March 15th. The stock was acquired at an average cost of $4.50 per share, with a total value of $2,250,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 52,498 shares of company stock valued at $301,332.

A number of large investors have recently added to or reduced their stakes in BFLY. Macquarie Group Ltd. acquired a new stake in Butterfly Network during the 3rd quarter worth approximately $26,000. Baldwin Brothers LLC MA lifted its holdings in Butterfly Network by 500.0% during the 1st quarter. Baldwin Brothers LLC MA now owns 6,000 shares of the company’s stock worth $29,000 after purchasing an additional 5,000 shares during the last quarter. Masso Torrence Wealth Management Inc. acquired a new stake in Butterfly Network during the 4th quarter worth approximately $30,000. Spire Wealth Management acquired a new stake in Butterfly Network during the 4th quarter worth approximately $41,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in Butterfly Network during the 4th quarter worth approximately $44,000. 61.04% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Company Profile (Get Rating)

Butterfly Network, Inc, a digital health company, 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+, a point-of-care ultrasound imaging device that connects with a smartphone, tablet, and hospital computer system; and Butterfly Blueprint, a system-wide ultrasound platform with Compass software that integrates into a healthcare system's clinical and administrative infrastructure.

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