Clough Capital Partners L P Buys Shares of 222,490 Butterfly Network, Inc. $BFLY

Clough Capital Partners L P bought a new stake in Butterfly Network, Inc. (NYSE:BFLY) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 222,490 shares of the company’s stock, valued at approximately $845,000. Clough Capital Partners L P owned about 0.09% of Butterfly Network as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its stake in Butterfly Network by 25.4% in the fourth quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock valued at $58,000 after acquiring an additional 3,098 shares during the last quarter. Opal Wealth Advisors LLC increased its stake in shares of Butterfly Network by 10.1% in the fourth quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after purchasing an additional 3,355 shares in the last quarter. Kestra Private Wealth Services LLC increased its stake in shares of Butterfly Network by 11.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock worth $211,000 after purchasing an additional 5,500 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Butterfly Network by 217.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 14,305 shares of the company’s stock worth $54,000 after purchasing an additional 9,805 shares in the last quarter. Finally, Wisconsin Wealth Advisors LLC purchased a new position in shares of Butterfly Network in the fourth quarter worth about $38,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80. Following the sale, the insider directly owned 1,630,407 shares in the company, valued at $7,597,696.62. This represents a 15.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 21.99% of the stock is owned by corporate insiders.

Butterfly Network Price Performance

Shares of BFLY stock opened at $5.69 on Thursday. The company’s fifty day simple moving average is $4.74 and its two-hundred day simple moving average is $4.09. Butterfly Network, Inc. has a 1 year low of $1.32 and a 1 year high of $6.14. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -18.95 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. Equities research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Analyst Upgrades and Downgrades

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