GSA Capital Partners LLP Sells 180,451 Shares of Butterfly Network, Inc. (NYSE:BFLY)

Key Points

• GSA Capital Partners LLP reduced its stake in Butterfly Network, Inc. by 28.9%, selling 180,451 shares during the first quarter, now holding 444,634 shares worth approximately $1,014,000.
• Several institutional investors, including Calamos Advisors LLC and Two Sigma Investments LP, have significantly increased their positions in Butterfly Network, contributing to a collective 37.85% of institutional ownership in the company.
• Analysts have set various price targets for Butterfly Network, with Craig Hallum initiating coverage with a "buy" rating and a target of $3.00, while Lake Street Capital reduced their target from $5.00 to $4.00.

GSA Capital Partners LLP reduced its position in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 28.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 444,634 shares of the company's stock after selling 180,451 shares during the period. GSA Capital Partners LLP owned about 0.18% of Butterfly Network worth $1,014,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Ground Swell Capital LLC acquired a new stake in shares of Butterfly Network in the fourth quarter valued at approximately $32,000. Total Wealth Planning & Management Inc. bought a new position in Butterfly Network in the first quarter valued at about $25,000. Dark Forest Capital Management LP bought a new stake in Butterfly Network during the 4th quarter worth $45,000. Steel Grove Capital Advisors LLC bought a new stake in Butterfly Network during the 1st quarter worth approximately $34,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Butterfly Network in the fourth quarter worth $57,000. Institutional investors own 37.85% of the company's stock.

Butterfly Network Trading Down 4.5%

Butterfly Network stock traded down $0.07 during trading on Tuesday, hitting $1.37. 2,840,671 shares of the company were exchanged, compared to its average volume of 3,912,771. The company has a market capitalization of $337.55 million, a P/E ratio of -4.88 and a beta of 2.45. The business's 50 day moving average is $2.07 and its 200 day moving average is $2.66. Butterfly Network, Inc. has a 52 week low of $0.90 and a 52 week high of $4.98.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its earnings results on Friday, August 1st. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $23.38 million for the quarter, compared to analysts' expectations of $23.91 million. Butterfly Network had a negative net margin of 71.79% and a negative return on equity of 31.93%. Equities analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Lake Street Capital dropped their target price on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Oppenheimer restated a "market perform" rating on shares of Butterfly Network in a research report on Friday. Finally, Craig Hallum assumed coverage on Butterfly Network in a report on Tuesday, July 1st. They set a "buy" rating and a $3.00 price target on the stock.

About Butterfly Network

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.