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

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

A number of other hedge funds have also made changes to their positions in BFLY. Vanguard Group Inc. boosted its stake in Butterfly Network by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company's stock worth $23,204,000 after acquiring an additional 109,842 shares during the last quarter. First Light Asset Management LLC bought a new position in Butterfly Network during the 4th quarter worth approximately $12,463,000. Geode Capital Management LLC boosted its stake in Butterfly Network by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company's stock worth $5,470,000 after acquiring an additional 30,828 shares during the last quarter. Capital World Investors bought a new position in Butterfly Network during the 4th quarter worth approximately $4,239,000. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in shares of Butterfly Network by 39.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,280,632 shares of the company's stock valued at $3,996,000 after purchasing an additional 359,732 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company's stock.

Insider Activity at Butterfly Network

In other Butterfly Network news, CEO Joseph Devivo sold 320,215 shares of the company's stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $2.44, for a total value of $781,324.60. Following the completion of the transaction, the chief executive officer now directly owns 7,249,789 shares in the company, valued at approximately $17,689,485.16. This represents a 4.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Heather C. Getz sold 65,456 shares of the 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 sale, the executive vice president now owns 2,919,274 shares of the company's stock, valued at $6,422,402.80. The trade was a 2.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities 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 set an "outperform" rating for the company. Lake Street Capital lowered 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.

Butterfly Network Stock Performance

Shares of BFLY stock traded down $0.08 on Wednesday, hitting $2.30. The company's stock had a trading volume of 1,933,957 shares, compared to its average volume of 2,906,471. The stock's 50 day moving average is $2.41 and its 200-day moving average is $3.09. Butterfly Network, Inc. has a fifty-two week low of $0.82 and a fifty-two week high of $4.98. The company has a market capitalization of $568.76 million, a PE ratio of -5.00 and a beta of 2.59.

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, topping the consensus estimate of ($0.09) by $0.03. The business had revenue of $21.23 million during the quarter, compared to the consensus estimate of $21.16 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. On average, research analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Butterfly Network Company Profile

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.