Jupiter Topco LLC Purchases Shares of 110,600 Butterfly Network, Inc. $BFLY

Jupiter Topco LLC acquired a new position in Butterfly Network, Inc. (NYSE:BFLY) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 110,600 shares of the company’s stock, valued at approximately $931,000.

Other large investors have also bought and sold shares of the company. Legal & General Group Plc lifted its holdings in Butterfly Network by 6.7% in the 2nd quarter. Legal & General Group Plc now owns 144,302 shares of the company’s stock valued at $1,215,000 after acquiring an additional 9,107 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Butterfly Network by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after purchasing an additional 2,125 shares in the last quarter. Tocqueville Asset Management L.P. lifted its stake in Butterfly Network by 52.7% during the second quarter. Tocqueville Asset Management L.P. now owns 174,800 shares of the company’s stock valued at $1,472,000 after purchasing an additional 60,300 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Butterfly Network during the second quarter worth approximately $4,878,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in Butterfly Network by 4.9% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock worth $358,000 after buying an additional 2,000 shares in the last quarter. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Trading Up 0.5%

Shares of NYSE BFLY opened at $7.33 on Friday. Butterfly Network, Inc. has a one year low of $1.47 and a one year high of $10.05. The firm has a market capitalization of $1.95 billion, a PE ratio of -25.28 and a beta of 2.08. The business has a 50-day moving average price of $8.07 and a two-hundred day moving average price of $5.82.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share 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 return on equity of 33.99% and a negative net margin of 66.74%. Research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Activity

In other Butterfly Network news, CEO Joseph Devivo sold 211,798 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $6.56, for a total value of $1,389,394.88. Following the transaction, the chief executive officer owned 7,672,046 shares in the company, valued at approximately $50,328,621.76. This represents a 2.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jonathan Rothberg sold 1,195,857 shares of the stock in a transaction that occurred on Friday, July 17th. The stock was sold at an average price of $6.60, for a total transaction of $7,892,656.20. Following the completion of the sale, the director owned 54,143 shares of the company’s stock, valued at approximately $357,343.80. The trade was a 95.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 4,884,333 shares of company stock valued at $32,469,219 in the last three months. 21.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target 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.