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

Butterfly Network (NYSE:BFLY) had its target price lowered by equities research analysts at Lake Street Capital from $5.00 to $4.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price target suggests a potential upside of 84.76% from the stock’s current price.

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

Butterfly Network Stock Performance

NYSE:BFLY opened at $2.17 on Monday. Butterfly Network has a fifty-two week low of $0.82 and a fifty-two week high of $4.98. The company has a 50 day moving average price of $2.50 and a 200 day moving average price of $3.07. The stock has a market capitalization of $525.93 million, a P/E ratio of -4.71 and a beta of 2.59.

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

Insider Activity

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

Hedge Funds Weigh In On Butterfly Network

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sound View Wealth Advisors Group LLC grew its holdings in 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 acquiring an additional 2,500 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Butterfly Network by 15.7% during the fourth 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 increased its holdings in Butterfly Network by 23.9% in the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company’s stock valued at $74,000 after buying an additional 4,606 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Butterfly Network by 33.0% in the first quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company’s stock valued at $46,000 after buying an additional 5,010 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its position in shares of Butterfly Network by 37.0% during the 4th 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 in the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

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.