Perkins Capital Management Inc. Purchases New Position in Butterfly Network, Inc. (NYSE:BFLY)

Key Points

• Perkins Capital Management Inc. acquired 275,000 shares of Butterfly Network, Inc. (BFLY) in the first quarter, totaling approximately $627,000, bringing its ownership to about 0.11% of the company.
• Butterfly Network recently reported a quarterly EPS of ($0.06), surpassing estimates of ($0.09), with a revenue of $21.23 million for the same period.
• Several hedge funds have increased their stakes in Butterfly Network, with Calamos Advisors LLC increasing theirs by 115.3% and Two Sigma Investments LP by 392.1% in recent quarters.

Perkins Capital Management Inc. bought a new stake in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 275,000 shares of the company's stock, valued at approximately $627,000. Perkins Capital Management Inc. owned approximately 0.11% of Butterfly Network at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Ground Swell Capital LLC purchased a new stake in shares of Butterfly Network during the fourth quarter worth $32,000. Total Wealth Planning & Management Inc. purchased a new stake in shares of Butterfly Network during the first quarter worth $25,000. Dark Forest Capital Management LP purchased a new stake in shares of Butterfly Network during the fourth quarter worth $45,000. Steel Grove Capital Advisors LLC purchased a new stake in shares of Butterfly Network during the first quarter worth $34,000. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Butterfly Network during the fourth quarter worth $57,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Stock Performance

Shares of BFLY stock traded down $0.07 on Thursday, hitting $1.75. 3,526,272 shares of the stock traded hands, compared to its average volume of 3,843,524. The firm's 50-day moving average price is $2.11 and its two-hundred day moving average price is $2.72. The stock has a market capitalization of $431.52 million, a PE ratio of -6.05 and a beta of 2.46. Butterfly Network, Inc. has a twelve month low of $0.90 and a twelve month high of $4.98.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.03. Butterfly Network had a negative net margin of 75.56% and a negative return on equity of 29.97%. The firm had revenue of $21.23 million for the quarter, compared to analysts' expectations of $21.16 million. On average, equities research analysts anticipate that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In related news, EVP Heather C. Getz sold 65,456 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $2.20, for a total transaction of $144,003.20. Following the sale, the executive vice president directly owned 2,919,274 shares in the company, valued at approximately $6,422,402.80. This represents a 2.19% 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. 25.18% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BFLY. Lake Street Capital dropped their target price on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a report on Monday, May 5th. Craig Hallum initiated coverage on shares of Butterfly Network in a research report on Tuesday, July 1st. They set a "buy" rating and a $3.00 price target on the stock.

Butterfly Network Company Profile

Butterfly Network, Inc 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+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.