Clough Capital Partners L P Makes New Investment in Butterfly Network, Inc. $BFLY

Clough Capital Partners L P bought a new position in Butterfly Network, Inc. (NYSE:BFLY) during the 4th quarter, Holdings Channel reports. The institutional investor bought 222,490 shares of the company’s stock, valued at approximately $845,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ameriprise Financial Inc. purchased a new stake in Butterfly Network in the 3rd quarter worth approximately $25,000. BNP Paribas Financial Markets raised its position in shares of Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after buying an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC purchased a new stake in shares of Butterfly Network during the 4th quarter valued at $38,000. ExodusPoint Capital Management LP purchased a new stake in shares of Butterfly Network during the 4th quarter valued at $38,000. Finally, Sfmg LLC purchased a new stake in shares of Butterfly Network during the 4th quarter valued at $39,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Stock Performance

Butterfly Network stock opened at $5.69 on Thursday. Butterfly Network, Inc. has a fifty-two week low of $1.32 and a fifty-two week high of $6.14. The firm’s fifty day moving average price is $4.74 and its 200-day moving average price is $4.09. The stock has a market cap of $1.45 billion, a P/E ratio of -18.95 and a beta of 2.22.

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

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the transaction, the insider owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 21.99% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on BFLY shares. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research report on Monday, March 2nd. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. TD Cowen raised their price objective on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $5.56.

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.