Lotus Technology Management LP Makes New $1.38 Million Investment in Butterfly Network, Inc. $BFLY

Key Points

• Lotus Technology Management LP acquired 163,669 Butterfly Network shares worth approximately $1.38 million in the second quarter, representing 0.06% of the company and 1.7% of the fund’s portfolio.
• Institutional investors own 37.85% of Butterfly Network, while insiders sold nearly 5 million shares worth $33 million over the past quarter; Director Jonathan Rothberg reduced his stake by 95.67%.
• Analysts’ average rating is “Hold” with a $5.56 price target. Butterfly Network recently beat quarterly revenue and EPS estimates, but remains unprofitable with a negative 66.74% net margin.

Lotus Technology Management LP bought a new stake in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 163,669 shares of the company's stock, valued at approximately $1,378,000. Butterfly Network accounts for about 1.7% of Lotus Technology Management LP's holdings, making the stock its 18th largest holding. Lotus Technology Management LP owned 0.06% of Butterfly Network as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. KBC Group NV purchased a new stake in Butterfly Network in the first quarter worth $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the 3rd quarter valued at $25,000. BNP Paribas Financial Markets raised its holdings in Butterfly Network by 707.2% in 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 in the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of Butterfly Network in the 4th quarter worth about $38,000. Finally, Sfmg LLC purchased a new stake in shares of Butterfly Network in the 4th quarter worth about $39,000. Institutional investors own 37.85% of the company's stock.

Insider Activity at Butterfly Network

In other Butterfly Network news, CAO Megan Carlson sold 68,852 shares of the business's stock in a transaction on 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 of the company's stock, valued at approximately $3,347,487.54. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jonathan M. Rothberg sold 1,195,857 shares of the stock in a transaction on Friday, July 17th. The stock was sold at an average price of $6.60, for a total value of $7,892,656.20. Following the completion of the sale, the director directly owned 54,143 shares in the company, valued at approximately $357,343.80. This represents a 95.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 4,987,405 shares of company stock worth $32,975,004 over the last quarter. 21.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

Butterfly Network Price Performance

Shares of Butterfly Network stock opened at $9.05 on Wednesday. Butterfly Network, Inc. has a 1 year low of $1.47 and a 1 year high of $10.05. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -31.22 and a beta of 2.09. The company has a 50-day moving average of $8.04 and a 200 day moving average of $5.57.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted 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 net margin of 66.74% and a negative return on equity of 33.99%. The business had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. On average, equities analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

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.

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