Jupiter Topco LLC Purchases New Position in Butterfly Network, Inc. $BFLY

Jupiter Topco LLC bought a new stake in Butterfly Network, Inc. (NYSE:BFLY) in the second quarter, Holdings Channel.com reports. The institutional investor bought 110,600 shares of the company’s stock, valued at approximately $931,000.

Other large investors also recently added to or reduced their stakes in the company. Invesco Ltd. acquired a new stake in shares of Butterfly Network in the 1st quarter valued at $85,000. Goldman Sachs Group Inc. increased its position in Butterfly Network by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after buying an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. increased its position in Butterfly Network by 9,055.9% during the second quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock worth $184,000 after buying an additional 91,012 shares during the last quarter. Legal & General Group Plc raised its holdings in Butterfly Network by 136.5% during the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after buying an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers acquired a new stake in shares of Butterfly Network in the second quarter worth about $475,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Stock Performance

NYSE:BFLY opened at $7.33 on Friday. The firm’s 50-day moving average is $8.07 and its 200-day moving average is $5.82. The company has a market cap of $1.95 billion, a price-to-earnings ratio of -25.28 and a beta of 2.08. Butterfly Network, Inc. has a 52-week low of $1.47 and a 52-week high of $10.05.

Butterfly Network (NYSE:BFLY) last released its earnings results 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 net margin of 66.74% and a negative return on equity of 33.99%. The business had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million. Equities analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $5.56.

Insider Activity at Butterfly Network

In other Butterfly Network news, CAO Megan Carlson sold 68,852 shares of Butterfly Network stock in a transaction on Friday, July 31st. The shares were sold at an average price of $7.86, for a total transaction of $541,176.72. Following the sale, the chief accounting officer owned 425,889 shares in the company, valued at $3,347,487.54. The trade was 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 this link. Also, Director Louise Phanstiel purchased 115,200 shares of the stock in a transaction on Friday, August 14th. The stock was acquired at an average cost of $8.68 per share, for a total transaction of $999,936.00. Following the acquisition, the director directly owned 300,461 shares in the company, valued at approximately $2,608,001.48. This trade represents a 62.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 4,884,333 shares of company stock worth $32,469,219 in the last three months. Company insiders own 21.99% of the company’s stock.

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.