Isthmus Partners LLC Sells 394,179 Shares of Butterfly Network, Inc. $BFLY

Isthmus Partners LLC trimmed its position in shares of Butterfly Network, Inc. (NYSE:BFLY) by 69.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 170,043 shares of the company’s stock after selling 394,179 shares during the quarter. Isthmus Partners LLC’s holdings in Butterfly Network were worth $1,524,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC acquired a new stake in Butterfly Network in the first quarter valued at about $446,000. Bank of America Corp DE boosted its holdings in Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Butterfly Network by 30.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after purchasing an additional 557,100 shares in the last quarter. Lotus Technology Management LP acquired a new position in Butterfly Network during the 2nd quarter worth approximately $1,378,000. Finally, State Street Corp increased its position in Butterfly Network by 4.0% during the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock worth $48,522,000 after purchasing an additional 223,012 shares during the period. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Stock Down 4.6%

Shares of NYSE BFLY opened at $6.77 on Friday. Butterfly Network, Inc. has a 52 week low of $1.90 and a 52 week high of $10.21. The firm has a 50-day moving average price of $8.26 and a 200 day moving average price of $6.89. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -23.34 and a beta of 2.04.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. The firm had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. Equities research analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Needham & Company LLC assumed coverage on Butterfly Network in a research note on Tuesday, September 22nd. They set a “buy” rating and a $10.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. TD Cowen restated a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a research note on Friday, September 11th. Canaccord Genuity Group started coverage on Butterfly Network in a report on Monday, October 12th. They set a “buy” rating and a $10.00 price objective on the stock. Finally, Evercore began coverage on Butterfly Network in a research report on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.75.

Insider Buying and Selling

In other news, insider Steve Cashman sold 140,112 shares of Butterfly Network stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the completion of the sale, the insider directly owned 1,490,295 shares in the company, valued at approximately $10,879,153.50. This trade represents a 8.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Louise Phanstiel purchased 115,200 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were purchased at an average cost of $8.68 per share, for a total transaction of $999,936.00. Following the purchase, the director directly owned 300,461 shares in the company, valued at approximately $2,608,001.48. This represents a 62.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 354,707 shares of company stock valued at $2,967,211 in the last 90 days. 21.99% of the stock is owned by corporate insiders.

Butterfly Network Profile

Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company’s core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems’ large arrays of piezoelectric transducers with a compact, software-driven probe.

Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.