Perkins Capital Management Inc. Purchases 629,020 Shares of Butterfly Network, Inc. $BFLY

Perkins Capital Management Inc. lifted its stake in shares of Butterfly Network, Inc. (NYSE:BFLY) by 213.0% in the 3rd quarter, Holdings Channel reports. The fund owned 924,280 shares of the company’s stock after acquiring an additional 629,020 shares during the quarter. Butterfly Network accounts for approximately 1.6% of Perkins Capital Management Inc.’s investment portfolio, making the stock its 20th biggest position. Perkins Capital Management Inc.’s holdings in Butterfly Network were worth $1,784,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BFLY. Invesco Ltd. acquired a new position in Butterfly Network during the first quarter worth $85,000. Goldman Sachs Group Inc. increased its position in Butterfly Network by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after buying an additional 29,958 shares during the period. Lazari Capital Management Inc. increased its position in Butterfly Network by 53.1% during the second quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company’s stock worth $57,000 after acquiring an additional 9,941 shares during the period. Blair William & Co. IL increased its stake in Butterfly Network by 14.5% during the 2nd quarter. Blair William & Co. IL now owns 118,500 shares of the company’s stock worth $237,000 after acquiring an additional 15,000 shares during the period. Finally, Huntleigh Advisors Inc. raised its stake in Butterfly Network by 3.9% in the second quarter. Huntleigh Advisors Inc. now owns 395,616 shares of the company’s stock valued at $791,000 after purchasing an additional 14,875 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Price Performance

NYSE:BFLY opened at $4.51 on Monday. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $5.03. The business has a 50 day moving average of $3.53 and a 200 day moving average of $2.48. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -13.65 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. The business had revenue of $21.49 million during the quarter, compared to analyst estimates of $21.23 million. As a group, sell-side analysts anticipate that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on BFLY shares. Lake Street Capital upped their price target on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Loop Capital set a $5.00 target price on shares of Butterfly Network in a research note on Wednesday, December 31st. Craig Hallum reaffirmed a “buy” rating and set a $5.25 price objective on shares of Butterfly Network in a research report on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $5.25.

Insider Buying and Selling

In other news, Director Jonathan M. Rothberg sold 1,110,579 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $3.15, for a total value of $3,498,323.85. Following the completion of the transaction, the director owned 769,814 shares in the company, valued at $2,424,914.10. This trade represents a 59.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 7,298,684 shares of company stock valued at $24,281,944. 25.18% of the stock is currently owned by corporate insiders.

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.