FirstWave Capital Management LLC Takes Position in Butterfly Network, Inc. $BFLY

FirstWave Capital Management LLC acquired a new stake in shares of Butterfly Network, Inc. (NYSE:BFLY) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 145,398 shares of the company’s stock, valued at approximately $1,224,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Ameriprise Financial Inc. acquired a new position in Butterfly Network during the 3rd quarter valued at about $25,000. KBC Group NV acquired a new stake in Butterfly Network in the first quarter worth about $25,000. BNP Paribas Financial Markets boosted its holdings in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after acquiring an additional 14,244 shares in the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of Butterfly Network during the fourth quarter worth about $38,000. Finally, Sfmg LLC purchased a new stake in shares of Butterfly Network during the fourth quarter worth about $39,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Price Performance

Shares of Butterfly Network stock opened at $7.33 on Friday. The stock has a market cap of $1.95 billion, a PE ratio of -25.28 and a beta of 2.08. The firm has a fifty day moving average price of $8.07 and a 200 day moving average price of $5.82. Butterfly Network, Inc. has a 1 year low of $1.47 and a 1 year high of $10.05.

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

Insiders Place Their Bets

In related news, Director Louise Phanstiel bought 115,200 shares of the stock in a transaction dated Friday, August 14th. The shares were purchased at an average price 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 $2,608,001.48. This represents a 62.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph Devivo sold 211,798 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer owned 7,672,046 shares in the company, valued at $50,328,621.76. This trade represents a 2.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 4,884,333 shares of company stock worth $32,469,219. 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.