AE Wealth Management LLC Makes New $154,000 Investment in Butterfly Network, Inc. (NYSE:BFLY)

AE Wealth Management LLC purchased a new stake in Butterfly Network, Inc. (NYSE:BFLYGet Rating) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 32,829 shares of the company’s stock, valued at approximately $154,000.

A number of other hedge funds have also modified their holdings of the company. ARK Investment Management LLC lifted its holdings in Butterfly Network by 52.8% during the third quarter. ARK Investment Management LLC now owns 10,840,899 shares of the company’s stock worth $50,952,000 after acquiring an additional 3,746,755 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Butterfly Network during the first quarter worth about $5,883,000. State Street Corp lifted its holdings in shares of Butterfly Network by 15.2% during the 1st quarter. State Street Corp now owns 4,489,835 shares of the company’s stock valued at $21,372,000 after purchasing an additional 593,387 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Butterfly Network in the 3rd quarter valued at approximately $1,934,000. Finally, BlackRock Inc. increased its stake in Butterfly Network by 2.8% during the 1st quarter. BlackRock Inc. now owns 9,045,958 shares of the company’s stock worth $43,059,000 after purchasing an additional 244,298 shares in the last quarter. 49.54% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Stock Performance

NYSE BFLY opened at $2.54 on Friday. Butterfly Network, Inc. has a 52 week low of $2.17 and a 52 week high of $8.72. The stock’s 50 day moving average price is $2.74 and its two-hundred day moving average price is $4.42. The stock has a market capitalization of $509.44 million, a price-to-earnings ratio of -3.39 and a beta of 1.78.

Butterfly Network (NYSE:BFLYGet Rating) last announced its quarterly earnings data on Thursday, November 3rd. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). The business had revenue of $19.62 million during the quarter, compared to the consensus estimate of $21.40 million. Butterfly Network had a negative return on equity of 37.78% and a negative net margin of 204.70%. On average, equities research analysts forecast that Butterfly Network, Inc. will post -0.89 EPS for the current year.

Insiders Place Their Bets

In related news, insider Darius Shahida sold 26,885 shares of the stock in a transaction that occurred on Monday, December 19th. The stock was sold at an average price of $2.36, for a total transaction of $63,448.60. Following the completion of the transaction, the insider now directly owns 629,908 shares of the company’s stock, valued at $1,486,582.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 28.36% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on BFLY. B. Riley began coverage on shares of Butterfly Network in a research note on Tuesday, October 4th. They issued a “buy” rating and a $9.50 price target on the stock. Oppenheimer started coverage on shares of Butterfly Network in a research report on Monday, November 28th. They issued an “outperform” rating and a $4.50 price objective on the stock.

Butterfly Network Company Profile

(Get Rating)

Butterfly Network, Inc, a digital health company, develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+, a point-of-care ultrasound imaging device that connects with a smartphone, tablet, and hospital computer system; and Butterfly Blueprint, a system-wide ultrasound platform with Compass software that integrates into a healthcare system's clinical and administrative infrastructure.

Further Reading

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Institutional Ownership by Quarter for Butterfly Network (NYSE:BFLY)

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