Butterfly Network, Inc. $BFLY Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its position in Butterfly Network, Inc. (NYSE:BFLY) by 64.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 115,220 shares of the company’s stock after selling 212,880 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Butterfly Network were worth $970,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. purchased a new position in Butterfly Network during the 1st quarter valued at about $85,000. Goldman Sachs Group Inc. increased its stake 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 purchasing an additional 29,958 shares during the period. JPMorgan Chase & Co. lifted its position in shares of 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 purchasing an additional 91,012 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Butterfly Network by 136.5% during the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after purchasing an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers purchased a new position in shares of Butterfly Network in the second quarter valued at approximately $475,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. TD Cowen reiterated a “buy” rating and set a $10.00 target price on shares of Butterfly Network in a report on Friday. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $6.56.

Insider Activity

In related news, General Counsel Nicholas Caezza sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $9.75, for a total transaction of $97,500.00. Following the sale, the general counsel directly owned 300,307 shares in the company, valued at approximately $2,927,993.25. This represents a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Louise Phanstiel bought 115,200 shares of Butterfly Network stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average cost of $8.68 per share, for a total transaction of $999,936.00. Following the acquisition, the director owned 300,461 shares of the company’s stock, valued at $2,608,001.48. This represents a 62.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders sold 4,743,569 shares of company stock valued at $32,219,597. 21.99% of the stock is owned by corporate insiders.

Butterfly Network Price Performance

BFLY opened at $7.33 on Friday. The business has a fifty day moving average price of $7.99 and a 200 day moving average price of $5.98. Butterfly Network, Inc. has a 12 month low of $1.52 and a 12 month high of $10.05. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of -25.26 and a beta of 2.08.

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

About Butterfly Network

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.