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

Key Points

• UBS AM reduced its Butterfly Network stake by 64.9% in the second quarter, selling 212,880 shares and retaining 115,220 shares valued at approximately $970,000.
• Analyst sentiment remains mixed, with three Buy ratings, one Hold, and one Sell; the stock has an average rating of Hold and a $6.56 average price target, below its $7.33 opening price.
• Butterfly Network exceeded quarterly expectations, reporting a loss of $0.01 per share versus the anticipated $0.04 loss and revenue of $32.61 million versus estimates of $29.16 million. Recent insider activity included a director purchasing 115,200 shares, while another insider sold shares to cover tax obligations.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its position in Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 64.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 115,220 shares of the company's stock after selling 212,880 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC's holdings in Butterfly Network were worth $970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in Butterfly Network by 4.9% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company's stock worth $358,000 after buying an additional 2,000 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Butterfly Network by 4.0% during the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company's stock worth $466,000 after buying an additional 2,125 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Butterfly Network by 24.0% in the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company's stock valued at $58,000 after buying an additional 2,753 shares in the last quarter. SG Americas Securities LLC grew its holdings in Butterfly Network by 59.1% in the 1st quarter. SG Americas Securities LLC now owns 16,597 shares of the company's stock valued at $67,000 after buying an additional 6,164 shares in the last quarter. Finally, KBC Group NV acquired a new stake in shares of Butterfly Network in the 1st quarter worth $25,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BFLY has been the topic of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a report on Monday, August 3rd. TD Cowen reissued a "buy" rating and issued a $10.00 price objective on shares of Butterfly Network in a report on Friday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $6.56.

Butterfly Network Stock Up 2.9%

NYSE:BFLY opened at $7.33 on Friday. Butterfly Network, Inc. has a 52 week low of $1.52 and a 52 week high of $10.05. The company has a market capitalization of $1.95 billion, a P/E ratio of -25.26 and a beta of 2.08. The stock's fifty day moving average is $7.99 and its two-hundred day moving average is $5.98.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping analysts' consensus estimates 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 anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Louise Phanstiel bought 115,200 shares of the stock in a transaction on Friday, August 14th. The stock was bought at an average price of $8.68 per share, with a total value of $999,936.00. Following the completion of the purchase, the director directly owned 300,461 shares in the company, valued at $2,608,001.48. This represents a 62.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steve Cashman sold 140,112 shares of Butterfly Network stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the sale, the insider owned 1,490,295 shares of the company's stock, valued at approximately $10,879,153.50. This represents a 8.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 4,743,569 shares of company stock valued at $32,219,597 over the last three months. Company insiders own 21.99% of the company's stock.

Butterfly Network Profile

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.

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