Fosun International Ltd Has $86.18 Million Stock Position in Butterfly Network, Inc. $BFLY

Key Points

• Fosun International reduced its Butterfly Network stake by 4.5% in the second quarter, selling 481,707 shares but retaining 10.23 million shares worth approximately $86.18 million. The position represents 19.4% of Fosun’s portfolio and about 3.84% of Butterfly Network.
• Institutional investors own 37.85% of Butterfly Network, while insiders own 21.99%; company insiders sold nearly 5 million shares worth $32.98 million over the past three months.
• Butterfly Network exceeded quarterly earnings and revenue expectations, reporting a loss of $0.01 per share and $32.61 million in revenue. Despite shares trading at $8.48, above the analyst average target of $5.56, the consensus rating remains “Hold.”

Fosun International Ltd lessened its position in Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 4.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,234,923 shares of the company's stock after selling 481,707 shares during the period. Butterfly Network comprises approximately 19.4% of Fosun International Ltd's holdings, making the stock its 2nd biggest holding. Fosun International Ltd owned about 3.84% of Butterfly Network worth $86,178,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. KBC Group NV acquired a new position in shares of Butterfly Network in the 1st quarter worth approximately $25,000. Ameriprise Financial Inc. acquired a new stake in shares of Butterfly Network in the 3rd quarter valued at $25,000. BNP Paribas Financial Markets increased its position in Butterfly Network by 707.2% in the second 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 period. ExodusPoint Capital Management LP acquired a new stake in shares of Butterfly Network during the 4th quarter worth approximately $38,000. Finally, Sfmg LLC bought a new stake in shares of Butterfly Network during the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 37.85% of the company's stock.

Insiders Place Their Bets

In other news, CAO Megan Carlson sold 68,852 shares of the business's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $7.86, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Steve Cashman sold 294,680 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the transaction, the insider owned 1,630,407 shares of the company's stock, valued at $7,597,696.62. The trade was a 15.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,987,405 shares of company stock worth $32,975,004 in the last three months. 21.99% of the stock is owned by corporate insiders.

Butterfly Network Stock Performance

Shares of NYSE:BFLY opened at $8.48 on Monday. The company has a 50 day moving average price of $8.09 and a two-hundred day moving average price of $5.69. The company has a market capitalization of $2.26 billion, a PE ratio of -29.24 and a beta of 2.09. Butterfly Network, Inc. has a 52 week low of $1.47 and a 52 week high of $10.05.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping 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 business had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Analysts Set New Price Targets

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

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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