Dimensional Fund Advisors LP Boosts Holdings in Butterfly Network, Inc. $BFLY

Key Points

• Dimensional Fund Advisors increased its Butterfly Network stake by 30.9% in the first quarter, adding 557,100 shares to hold 2.36 million shares, or about 0.93% of the company. Institutional investors collectively own 37.85% of BFLY.
• Insiders have been selling shares, including director Jonathan Rothberg’s sale of 659,913 shares and chief accounting officer Megan Carlson’s sale of 68,852 shares. Insiders sold 4.91 million shares worth approximately $32.2 million over the past 90 days.
• Butterfly Network beat quarterly earnings and revenue expectations, reporting a loss of $0.01 per share and revenue of $32.61 million. Despite the beat, analysts maintain a consensus “Hold” rating with an average price target of $5.56, below the stock’s $8.79 opening price.

Dimensional Fund Advisors LP raised its position in Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 30.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,358,181 shares of the company's stock after acquiring an additional 557,100 shares during the period. Dimensional Fund Advisors LP owned approximately 0.93% of Butterfly Network worth $9,524,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Ameriprise Financial Inc. acquired a new position in shares of Butterfly Network during the third quarter valued at about $25,000. KBC Group NV purchased a new stake in Butterfly Network during the 1st quarter worth approximately $25,000. BNP Paribas Financial Markets grew its position in Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock worth $33,000 after purchasing an additional 14,244 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in Butterfly Network during the 4th quarter valued at approximately $38,000. Finally, Sfmg LLC purchased a new position in shares of Butterfly Network in the fourth quarter worth $39,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Butterfly Network

In other Butterfly Network news, Director Jonathan M. Rothberg sold 659,913 shares of the company's stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $6.47, for a total value of $4,269,637.11. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Megan Carlson sold 68,852 shares of the firm'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 sale, the chief accounting officer directly owned 425,889 shares in the company, valued at $3,347,487.54. The trade was a 13.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 4,909,059 shares of company stock valued at $32,193,361. 21.99% of the stock is owned by insiders.

Analyst Ratings Changes

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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $5.56.

Butterfly Network Trading Down 0.4%

BFLY opened at $8.79 on Monday. Butterfly Network, Inc. has a 12-month low of $1.32 and a 12-month high of $9.69. The firm has a 50 day moving average of $7.06 and a two-hundred day moving average of $5.15. The firm has a market capitalization of $2.34 billion, a PE ratio of -30.33 and a beta of 2.09.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $32.61 million for the quarter, compared to analyst estimates 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 predict that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Butterfly Network Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source