Counterpoint Mutual Funds LLC Takes $545,000 Position in Butterfly Network, Inc. $BFLY

Counterpoint Mutual Funds LLC acquired a new position in Butterfly Network, Inc. (NYSE:BFLY) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 134,954 shares of the company’s stock, valued at approximately $545,000.

Other institutional investors have also recently made changes to their positions in the company. Perkins Capital Management Inc. grew its position in Butterfly Network by 0.8% during the 1st quarter. Perkins Capital Management Inc. now owns 930,930 shares of the company’s stock worth $3,761,000 after purchasing an additional 7,150 shares during the period. Pictet Asset Management Holding SA acquired a new position in shares of Butterfly Network in the 1st quarter valued at about $143,000. SG Americas Securities LLC boosted its stake in shares of Butterfly Network by 59.1% in the first quarter. SG Americas Securities LLC now owns 16,597 shares of the company’s stock worth $67,000 after buying an additional 6,164 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Butterfly Network by 1,545.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 16,456 shares of the company’s stock worth $63,000 after buying an additional 15,456 shares during the last quarter. Finally, Osbon Capital Management LLC acquired a new stake in Butterfly Network during the fourth quarter worth about $181,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Price Performance

Shares of BFLY stock opened at $7.69 on Friday. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -25.63 and a beta of 2.05. The stock has a 50 day simple moving average of $5.55 and a 200-day simple moving average of $4.51. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $9.69.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $26.53 million for the quarter, compared to analyst estimates of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. Analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BFLY has been the subject of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $5.56.

Insider Transactions at Butterfly Network

In other news, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80. Following the sale, the insider owned 1,630,407 shares in the company, valued at $7,597,696.62. This trade represents a 15.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 21.99% of the stock is currently owned by insiders.

About Butterfly Network

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.