Bank of America Corp DE Has $16.83 Million Stock Position in Butterfly Network, Inc. $BFLY

Key Points

• Bank of America increased its Butterfly Network position by 71% in the first quarter, acquiring 1.73 million additional shares and bringing its stake to 4.17 million shares worth approximately $16.83 million.
• Institutional investors own 37.85% of Butterfly Network, while insiders own 21.99%; however, insiders sold nearly 4.99 million shares worth $32.98 million over the past 90 days.
• Analysts maintain a consensus “Hold” rating with an average price target of $5.56. Butterfly Network beat quarterly revenue and adjusted EPS expectations, reporting $32.61 million in revenue and an EPS loss of $0.01.

Bank of America Corp DE raised its position in Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 71.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 4,165,222 shares of the company's stock after acquiring an additional 1,728,938 shares during the period. Bank of America Corp DE owned approximately 1.64% of Butterfly Network worth $16,827,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of BFLY. KBC Group NV acquired a new position in shares of Butterfly Network during the first quarter valued at about $25,000. ExodusPoint Capital Management LP bought a new stake in Butterfly Network during the 4th quarter worth approximately $38,000. Sfmg LLC purchased a new position in shares of Butterfly Network during the fourth quarter valued at approximately $39,000. Sanctuary Advisors LLC bought a new stake in Butterfly Network during the fourth quarter worth $40,000. Finally, Merit Financial Group LLC bought a new position in Butterfly Network during the 4th quarter valued at $45,000. Institutional investors own 37.85% of the company's stock.

Insider Activity

In other news, CAO Megan Carlson sold 68,852 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72. Following the transaction, the chief accounting officer directly owned 425,889 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Also, Director Jonathan M. Rothberg sold 659,913 shares of the company's stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of $6.47, for a total transaction of $4,269,637.11. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 4,987,405 shares of company stock valued at $32,975,004. Corporate insiders own 21.99% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $5.56.

Butterfly Network Stock Performance

Butterfly Network stock opened at $9.17 on Friday. Butterfly Network, Inc. has a fifty-two week low of $1.37 and a fifty-two week high of $10.05. The stock has a market cap of $2.44 billion, a P/E ratio of -31.62 and a beta of 2.09. The firm's fifty day moving average price is $7.83 and its 200-day moving average price is $5.46.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The business had revenue of $32.61 million during the quarter, compared to analysts' expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. Sell-side analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

About Butterfly Network

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.

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