FirstWave Capital Management LLC Invests $1.22 Million in Butterfly Network, Inc. $BFLY

FirstWave Capital Management LLC bought a new stake in shares of Butterfly Network, Inc. (NYSE:BFLY) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 145,398 shares of the company’s stock, valued at approximately $1,224,000. FirstWave Capital Management LLC owned 0.05% of Butterfly Network at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. AXQ Capital LP lifted its holdings in Butterfly Network by 15.8% during the 2nd quarter. AXQ Capital LP now owns 34,555 shares of the company’s stock valued at $291,000 after buying an additional 4,716 shares in the last quarter. Rinkey Investments boosted its position in Butterfly Network by 31.6% in the 2nd quarter. Rinkey Investments now owns 40,400 shares of the company’s stock valued at $340,000 after buying an additional 9,700 shares during the period. Corient Private Wealth LP bought a new position in Butterfly Network in the 2nd quarter worth about $153,000. Man Group plc grew its stake in Butterfly Network by 100.0% in the 2nd quarter. Man Group plc now owns 191,191 shares of the company’s stock worth $1,610,000 after acquiring an additional 95,593 shares in the last quarter. Finally, Lotus Technology Management LP purchased a new position in shares of Butterfly Network during the second quarter worth approximately $1,378,000. 37.85% of the stock is currently owned by institutional investors.

Butterfly Network Trading Up 0.5%

Shares of Butterfly Network stock opened at $7.33 on Friday. The firm has a market cap of $1.95 billion, a P/E ratio of -25.28 and a beta of 2.08. Butterfly Network, Inc. has a 12 month low of $1.47 and a 12 month high of $10.05. The stock’s fifty day moving average price is $8.07 and its 200-day moving average price is $5.82.

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

Insider Buying and Selling

In other Butterfly Network news, CAO Megan Carlson sold 68,852 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72. Following the completion of the sale, the chief accounting officer owned 425,889 shares in the company, valued at $3,347,487.54. This represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonathan Rothberg sold 1,195,857 shares of Butterfly Network stock in a transaction on Friday, July 17th. The shares were sold at an average price of $6.60, for a total value of $7,892,656.20. Following the completion of the transaction, the director owned 54,143 shares in the company, valued at $357,343.80. This represents a 95.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 4,884,333 shares of company stock valued at $32,469,219 over the last ninety days. Company insiders own 21.99% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed 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 given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus 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.