Butterfly Network, Inc. $BFLY Shares Sold by Algert Global LLC

Key Points

• Algert Global cut its Butterfly Network stake by 31.8% in the second quarter, selling 847,600 shares and retaining 1.81 million shares worth approximately $15.3 million. Institutional investors and hedge funds collectively own 37.85% of BFLY.
• Insider selling has been substantial: Director Jonathan Rothberg sold nearly 1.2 million shares, while CAO Megan Carlson sold 68,852 shares. Insiders sold 4.99 million shares worth about $33.0 million over the past 90 days.
• Butterfly Network reported quarterly revenue of $32.61 million and an adjusted loss of $0.01 per share, beating analyst estimates. The stock was recently priced at $9.05, while analysts’ consensus rating remains “Hold” with an average target of $5.56.

Algert Global LLC lowered its stake in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 31.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,814,447 shares of the company's stock after selling 847,600 shares during the period. Algert Global LLC owned about 0.68% of Butterfly Network worth $15,278,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. KBC Group NV purchased a new stake in shares of Butterfly Network during the 1st quarter worth approximately $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network in the 3rd quarter valued at approximately $25,000. BNP Paribas Financial Markets increased its stake in Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock valued at $33,000 after purchasing an additional 14,244 shares in the last quarter. ExodusPoint Capital Management LP acquired a new position in Butterfly Network during the fourth quarter worth $38,000. Finally, Sfmg LLC acquired a new position in Butterfly Network during the fourth quarter worth $39,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Butterfly Network news, Director Jonathan M. Rothberg sold 1,195,857 shares of the stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $6.60, for a total transaction of $7,892,656.20. Following the transaction, the director owned 54,143 shares of the company's stock, valued at $357,343.80. This trade represents a 95.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Megan Carlson sold 68,852 shares of the 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 in the company, valued at approximately $3,347,487.54. This represents a 13.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,987,405 shares of company stock valued at $32,975,004 in the last ninety days. 21.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

Butterfly Network Stock Up 1.2%

NYSE BFLY opened at $9.05 on Wednesday. Butterfly Network, Inc. has a fifty-two week low of $1.47 and a fifty-two week high of $10.05. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of -31.22 and a beta of 2.09. The business has a fifty day moving average of $8.04 and a 200-day moving average of $5.57.

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

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.

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