ARK Investment Management LLC Purchases 1,012,460 Shares of Butterfly Network, Inc. (NYSE:BFLY)

Key Points

• ARK Investment Management LLC increased its stake in Butterfly Network, Inc. by 16.8%, holding a total of 7,023,980 shares valued at approximately $16 million.
• Butterfly Network's stock price opened at $1.97, with a market cap of $485.92 million and a 1-year high of $4.98, despite reporting a negative net margin of 75.56% in its latest earnings.
• Insider transactions included the sale of 65,456 shares by EVP Heather C. Getz, decreasing her stake in the company to roughly 2.9 million shares.

ARK Investment Management LLC boosted its stake in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 16.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,023,980 shares of the company's stock after buying an additional 1,012,460 shares during the period. ARK Investment Management LLC owned approximately 2.89% of Butterfly Network worth $16,015,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Total Wealth Planning & Management Inc. bought a new position in shares of Butterfly Network during the 1st quarter worth approximately $25,000. Ground Swell Capital LLC bought a new position in shares of Butterfly Network during the 4th quarter worth approximately $32,000. Steel Grove Capital Advisors LLC bought a new position in shares of Butterfly Network during the 1st quarter worth approximately $34,000. Teacher Retirement System of Texas bought a new position in shares of Butterfly Network during the 1st quarter worth approximately $44,000. Finally, Dark Forest Capital Management LP bought a new position in shares of Butterfly Network during the 4th quarter worth approximately $45,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Butterfly Network news, EVP Heather C. Getz sold 65,456 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $2.20, for a total transaction of $144,003.20. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 25.18% of the company's stock.

Butterfly Network Price Performance

BFLY traded up $0.04 on Wednesday, hitting $1.87. 872,221 shares of the stock were exchanged, compared to its average volume of 3,839,567. The firm has a market capitalization of $461.20 million, a price-to-earnings ratio of -6.43 and a beta of 2.46. Butterfly Network, Inc. has a 12 month low of $0.90 and a 12 month high of $4.98. The business has a 50-day moving average of $2.12 and a two-hundred day moving average of $2.73.

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on BFLY shares. Craig Hallum started coverage on shares of Butterfly Network in a research note on Tuesday, July 1st. They issued a "buy" rating and a $3.00 target price for the company. Lake Street Capital decreased their target price on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a research note on Monday, May 5th.

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.