Fosun International Ltd Sells 481,707 Shares of Butterfly Network, Inc. $BFLY

Fosun International Ltd decreased its stake in shares of Butterfly Network, Inc. (NYSE:BFLY) by 4.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 10,234,923 shares of the company’s stock after selling 481,707 shares during the period. Butterfly Network accounts for about 19.4% of Fosun International Ltd’s investment portfolio, making the stock its 2nd biggest holding. Fosun International Ltd’s holdings in Butterfly Network were worth $86,178,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BFLY. Vanguard Group Inc. raised its holdings in shares of Butterfly Network by 4.3% in the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after acquiring an additional 453,258 shares during the last quarter. ARK Investment Management LLC increased its stake in Butterfly Network by 1.6% in the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock valued at $23,729,000 after buying an additional 99,079 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Butterfly Network by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after buying an additional 75,243 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after purchasing an additional 1,728,938 shares during the period. Finally, AWM Investment Company Inc. raised its holdings in shares of Butterfly Network by 750.0% in the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after purchasing an additional 3,000,000 shares during the period. 37.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.56.

Butterfly Network Price Performance

NYSE BFLY opened at $8.48 on Monday. The company’s 50 day simple moving average is $8.09 and its two-hundred day simple moving average is $5.69. Butterfly Network, Inc. has a 1 year low of $1.47 and a 1 year high of $10.05. The stock has a market capitalization of $2.26 billion, a PE ratio of -29.24 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The business had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In related news, CEO Joseph Devivo sold 68,346 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $10.01, for a total value of $684,143.46. Following the completion of the sale, the chief executive officer owned 7,603,700 shares in the company, valued at $76,113,037. The trade was a 0.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director S. Louise Phanstiel purchased 115,200 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were acquired at an average cost of $8.68 per share, for a total transaction of $999,936.00. Following the completion of the purchase, the director directly owned 300,461 shares of the company’s stock, valued at approximately $2,608,001.48. This represents a 62.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have sold 4,987,405 shares of company stock valued at $32,975,004. 21.99% of the stock is currently owned by company 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.