FirstWave Capital Management LLC Invests $1.22 Million in Butterfly Network, Inc. $BFLY

Key Points

• FirstWave Capital Management initiated a $1.22 million position in Butterfly Network by purchasing 145,398 shares, while institutional investors collectively own 37.85% of the company.
• Butterfly Network exceeded quarterly expectations, reporting revenue of $32.61 million versus the $29.16 million consensus estimate and an adjusted loss of $0.01 per share compared with an expected loss of $0.04.
• Despite the positive earnings surprise, insiders sold substantial shares in recent months, and analysts maintain a consensus “Hold” rating with a $5.56 price target, below the stock’s reported $7.33 price.

FirstWave Capital Management LLC bought a new stake in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 145,398 shares of the company's stock, valued at approximately $1,224,000. FirstWave Capital Management LLC owned 0.05% of Butterfly Network at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. AXQ Capital LP lifted its holdings in Butterfly Network by 15.8% during the 2nd quarter. AXQ Capital LP now owns 34,555 shares of the company's stock valued at $291,000 after buying an additional 4,716 shares in the last quarter. Rinkey Investments boosted its position in Butterfly Network by 31.6% in the 2nd quarter. Rinkey Investments now owns 40,400 shares of the company's stock valued at $340,000 after buying an additional 9,700 shares during the period. Corient Private Wealth LP bought a new position in Butterfly Network in the 2nd quarter worth about $153,000. Man Group plc grew its stake in Butterfly Network by 100.0% in the 2nd quarter. Man Group plc now owns 191,191 shares of the company's stock worth $1,610,000 after acquiring an additional 95,593 shares in the last quarter. Finally, Lotus Technology Management LP purchased a new position in shares of Butterfly Network during the second quarter worth approximately $1,378,000. 37.85% of the stock is currently owned by institutional investors.

Butterfly Network Trading Up 0.5%

Shares of Butterfly Network stock opened at $7.33 on Friday. The firm has a market cap of $1.95 billion, a P/E ratio of -25.28 and a beta of 2.08. Butterfly Network, Inc. has a 12 month low of $1.47 and a 12 month high of $10.05. The stock's fifty day moving average price is $8.07 and its 200-day moving average price is $5.82.

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, beating the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%.The firm had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. Analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling

In other Butterfly Network news, CAO Megan Carlson sold 68,852 shares of the company's stock in a transaction 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 completion of the sale, the chief accounting officer owned 425,889 shares in the company, valued at $3,347,487.54. This represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonathan Rothberg sold 1,195,857 shares of Butterfly Network stock in a transaction on Friday, July 17th. The shares were sold at an average price of $6.60, for a total value of $7,892,656.20. Following the completion of the transaction, the director owned 54,143 shares in the company, valued at $357,343.80. This represents a 95.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 4,884,333 shares of company stock valued at $32,469,219 over the last ninety days. Company insiders own 21.99% of the company's stock.

Analysts Set New Price Targets

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

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.

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.