Butterfly Network, Inc. $BFLY Shares Sold by Isthmus Partners LLC

Isthmus Partners LLC lowered its position in shares of Butterfly Network, Inc. (NYSE:BFLY) by 69.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 170,043 shares of the company’s stock after selling 394,179 shares during the period. Isthmus Partners LLC owned about 0.06% of Butterfly Network worth $1,524,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp boosted its position in shares of Butterfly Network by 4.0% in the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock valued at $48,522,000 after purchasing an additional 223,012 shares during the period. Bank of America Corp DE grew its stake in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after buying an additional 1,728,938 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Butterfly Network by 30.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after buying an additional 557,100 shares during the period. Sei Investments Co. increased its position in Butterfly Network by 30.6% during the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after buying an additional 539,171 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Butterfly Network during the second quarter worth approximately $4,878,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Butterfly Network Stock Down 4.6%

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 business’s 50-day moving average price is $8.26 and its 200 day moving average price is $6.89. The firm has a market cap of $1.80 billion, a P/E ratio of -23.34 and a beta of 2.04.

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

Insider Buying and Selling

In other news, CAO Megan Carlson sold 68,852 shares of the company’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Nicholas Caezza sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.75, for a total value of $97,500.00. Following the sale, the general counsel owned 300,307 shares of the company’s stock, valued at $2,927,993.25. This trade represents a 3.22% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 354,707 shares of company stock worth $2,967,211. 21.99% of the stock is currently owned by insiders.

Butterfly Network Company 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.