Parkman Healthcare Partners LLC Buys New Stake in Butterfly Network, Inc. (NYSE:BFLY)

Parkman Healthcare Partners LLC bought a new stake in shares of Butterfly Network, Inc. (NYSE:BFLY) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 750,000 shares of the company’s stock, valued at approximately $2,340,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BFLY. Vanguard Group Inc. increased its position in shares of Butterfly Network by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company’s stock valued at $23,204,000 after acquiring an additional 109,842 shares during the period. First Light Asset Management LLC acquired a new position in shares of Butterfly Network in the 4th quarter valued at $12,463,000. Geode Capital Management LLC increased its position in shares of Butterfly Network by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company’s stock valued at $5,470,000 after acquiring an additional 30,828 shares during the period. Capital World Investors acquired a new position in shares of Butterfly Network in the 4th quarter valued at $4,239,000. Finally, Schonfeld Strategic Advisors LLC increased its position in shares of Butterfly Network by 39.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,280,632 shares of the company’s stock valued at $3,996,000 after acquiring an additional 359,732 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Performance

Shares of BFLY opened at $2.38 on Wednesday. The business’s 50-day moving average is $2.41 and its two-hundred day moving average is $3.09. The company has a market capitalization of $588.55 million, a P/E ratio of -5.17 and a beta of 2.59. Butterfly Network, Inc. has a fifty-two week low of $0.82 and a fifty-two week high of $4.98.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. The company had revenue of $21.23 million for the quarter, compared to the consensus estimate of $21.16 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. Analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Joseph Devivo sold 320,215 shares of the firm’s stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $2.44, for a total value of $781,324.60. Following the transaction, the chief executive officer now directly owns 7,249,789 shares of the company’s stock, valued at approximately $17,689,485.16. This trade represents a 4.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Heather C. Getz sold 65,456 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $2.20, for a total transaction of $144,003.20. Following the completion of the sale, the executive vice president now owns 2,919,274 shares of the company’s stock, valued at approximately $6,422,402.80. The trade was a 2.19% decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is owned by insiders.

Analyst Ratings Changes

BFLY has been the topic of several research reports. Lake Street Capital cut their target price on Butterfly Network from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. William Blair started coverage on Butterfly Network in a research report on Monday, March 17th. They set an “outperform” rating on the stock.

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.