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 institutional investors and hedge funds also recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. boosted its position in shares of Butterfly Network by 47.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 106,730 shares of the company’s stock worth $502,000 after purchasing an additional 34,230 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Butterfly Network in the third quarter valued at about $1,934,000. Dynamic Advisor Solutions LLC increased its holdings in shares of Butterfly Network by 22.1% in the third quarter. Dynamic Advisor Solutions LLC now owns 130,972 shares of the company’s stock worth $616,000 after acquiring an additional 23,702 shares in the last quarter. Mayflower Financial Advisors LLC acquired a new stake in shares of Butterfly Network during the third quarter worth about $370,000. Finally, ARK Investment Management LLC lifted its holdings in shares of Butterfly Network by 52.8% during the 3rd quarter. ARK Investment Management LLC now owns 10,840,899 shares of the company’s stock valued at $50,952,000 after purchasing an additional 3,746,755 shares in the last quarter. 49.54% of the stock is owned by institutional investors.

Butterfly Network Stock Performance

NYSE:BFLY opened at $2.54 on Friday. The stock has a 50-day simple moving average of $2.74 and a 200 day simple moving average of $4.42. Butterfly Network, Inc. has a 52-week low of $2.17 and a 52-week high of $8.72. The company has a market cap of $509.44 million, a PE ratio of -3.39 and a beta of 1.78.

Butterfly Network (NYSE:BFLYGet Rating) last released its quarterly earnings results on Thursday, November 3rd. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). The firm had revenue of $19.62 million for the quarter, compared to analyst estimates 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, research analysts predict that Butterfly Network, Inc. will post -0.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on BFLY shares. B. Riley began coverage on Butterfly Network in a research note on Tuesday, October 4th. They set a “buy” rating and a $9.50 target price for the company. Oppenheimer began coverage on shares of Butterfly Network in a research report on Monday, November 28th. They set an “outperform” rating and a $4.50 price objective for the company.

Insider Buying and Selling

In other Butterfly Network news, insider Darius Shahida sold 26,885 shares of Butterfly Network stock in a transaction on Monday, December 19th. The shares were sold at an average price of $2.36, for a total value of $63,448.60. Following the sale, the insider now directly owns 629,908 shares in the company, valued at approximately $1,486,582.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 28.36% of the stock is currently owned by corporate insiders.

About Butterfly Network

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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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