Butterfly Network, Inc. $BFLY Shares Purchased by Man Group plc

Man Group plc raised its position in Butterfly Network, Inc. (NYSE:BFLY) by 100.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,191 shares of the company’s stock after acquiring an additional 95,593 shares during the quarter. Man Group plc’s holdings in Butterfly Network were worth $1,610,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. KBC Group NV purchased a new position in shares of Butterfly Network in the first quarter valued at approximately $25,000. Ameriprise Financial Inc. acquired a new stake in Butterfly Network during the 3rd quarter worth approximately $25,000. BNP Paribas Financial Markets lifted its holdings in Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after buying an additional 14,244 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in Butterfly Network in the 4th quarter valued at approximately $38,000. Finally, Sfmg LLC purchased a new position in Butterfly Network in the 4th quarter valued at approximately $39,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Stock Up 3.0%

Shares of Butterfly Network stock opened at $8.13 on Wednesday. Butterfly Network, Inc. has a 52-week low of $1.47 and a 52-week high of $10.05. The company has a market capitalization of $2.16 billion, a P/E ratio of -28.03 and a beta of 2.08. The company has a 50 day moving average of $8.11 and a 200 day moving average of $5.75.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. As a group, research analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, CEO Joseph Devivo sold 211,798 shares of Butterfly Network stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $6.56, for a total transaction of $1,389,394.88. Following the completion of the sale, the chief executive officer directly owned 7,672,046 shares of the company’s stock, valued at $50,328,621.76. The trade was a 2.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director S. Louise Phanstiel acquired 115,200 shares of the stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $8.68 per share, with a total value of $999,936.00. Following the completion of the transaction, the director owned 300,461 shares in the company, valued at approximately $2,608,001.48. This represents a 62.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 4,987,405 shares of company stock valued at $32,975,004 over the last ninety days. Company insiders own 21.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Butterfly Network has an average rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Company Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.