Butterfly Network, Inc. $BFLY Shares Purchased by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. increased its holdings in Butterfly Network, Inc. (NYSE:BFLY) by 52.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 174,800 shares of the company’s stock after purchasing an additional 60,300 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Butterfly Network were worth $1,472,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Invesco Ltd. purchased a new stake in Butterfly Network in the first quarter valued at $85,000. Goldman Sachs Group Inc. lifted its stake in shares of Butterfly Network by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after purchasing an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Butterfly Network by 9,055.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock worth $184,000 after purchasing an additional 91,012 shares during the period. Legal & General Group Plc grew its holdings in shares of Butterfly Network by 136.5% during the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after purchasing an additional 119,455 shares during the period. Finally, Rhumbline Advisers acquired a new stake in shares of Butterfly Network during the 2nd quarter worth about $475,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Stock Performance

NYSE:BFLY opened at $9.17 on Friday. Butterfly Network, Inc. has a fifty-two week low of $1.37 and a fifty-two week high of $10.05. The company has a 50 day moving average price of $7.83 and a 200 day moving average price of $5.46. The stock has a market capitalization of $2.44 billion, a P/E ratio of -31.62 and a beta of 2.09.

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

Insiders Place Their Bets

In related news, General Counsel Nicholas Caezza sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $9.75, for a total transaction of $97,500.00. Following the completion of the transaction, the general counsel directly owned 300,307 shares in the company, valued at $2,927,993.25. This trade represents a 3.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director S. Louise Phanstiel bought 115,200 shares of the company’s stock in a transaction on Friday, August 14th. The stock was purchased 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 $2,608,001.48. This represents a 62.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders sold 4,987,405 shares of company stock valued at $32,975,004. Insiders own 21.99% of the company’s stock.

Analysts Set New Price Targets

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

Butterfly Network 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.