Fred Alger Management LLC Makes New Investment in Butterfly Network, Inc. (NYSE:BFLY)

Fred Alger Management LLC acquired a new stake in Butterfly Network, Inc. (NYSE:BFLY - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 246,558 shares of the company's stock, valued at approximately $769,000. Fred Alger Management LLC owned 0.12% of Butterfly Network at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in BFLY. First Light Asset Management LLC acquired a new position in Butterfly Network during the 4th quarter valued at approximately $12,463,000. Capital World Investors acquired a new position in Butterfly Network during the 4th quarter valued at approximately $4,239,000. Raymond James Financial Inc. acquired a new position in Butterfly Network during the 4th quarter valued at approximately $3,154,000. Tudor Investment Corp ET AL acquired a new position in Butterfly Network during the 4th quarter valued at approximately $2,761,000. Finally, Marshall Wace LLP acquired a new position in Butterfly Network during the 4th quarter valued at approximately $1,155,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. William Blair assumed coverage on shares of Butterfly Network in a research note on Monday, March 17th. They issued an "outperform" rating 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 research report on Monday, May 5th.

Butterfly Network Stock Performance

Shares of Butterfly Network stock traded up $0.02 on Friday, reaching $2.32. The company had a trading volume of 895,421 shares, compared to its average volume of 3,818,809. The firm's 50 day moving average price is $2.39 and its two-hundred day moving average price is $3.09. The firm has a market cap of $572.47 million, a PE ratio of -5.03 and a beta of 2.59. Butterfly Network, Inc. has a 52-week low of $0.82 and a 52-week high of $4.98.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. The firm had revenue of $21.23 million during the quarter, compared to analysts' expectations of $21.16 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. As a group, sell-side analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Heather C. Getz sold 65,456 shares of the company's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $2.20, for a total value of $144,003.20. Following the completion of the transaction, the executive vice president now owns 2,919,274 shares in the company, valued at approximately $6,422,402.80. This represents a 2.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Joseph Devivo sold 320,215 shares of the stock in a transaction on Friday, April 25th. The stock was sold at an average price of $2.44, for a total transaction of $781,324.60. Following the sale, the chief executive officer now owns 7,249,789 shares of the company's stock, valued at approximately $17,689,485.16. This represents a 4.23% decrease in their position. The disclosure for this sale can be found here. 25.18% of the stock is currently owned by company insiders.

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.