Parkman Healthcare Partners LLC Acquires Shares of 750,000 Butterfly Network, Inc. (NYSE:BFLY)

Parkman Healthcare Partners LLC bought a new stake in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 750,000 shares of the company's stock, valued at approximately $2,340,000. Parkman Healthcare Partners LLC owned about 0.35% of Butterfly Network at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Butterfly Network by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company's stock valued at $23,204,000 after purchasing an additional 109,842 shares in the last quarter. First Light Asset Management LLC bought a new stake in Butterfly Network during the fourth quarter valued at about $12,463,000. Geode Capital Management LLC raised its holdings in Butterfly Network by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company's stock valued at $5,470,000 after acquiring an additional 30,828 shares during the period. Capital World Investors bought a new stake in shares of Butterfly Network in the fourth quarter worth about $4,239,000. Finally, Schonfeld Strategic Advisors LLC increased 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 worth $3,996,000 after purchasing an additional 359,732 shares during the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Stock Down 2.3%

NYSE:BFLY traded down $0.06 during midday trading on Monday, hitting $2.30. The stock had a trading volume of 903,389 shares, compared to its average volume of 2,913,367. Butterfly Network, Inc. has a one year low of $0.82 and a one year high of $4.98. The company has a market capitalization of $567.53 million, a price-to-earnings ratio of -4.99 and a beta of 2.59. The stock has a 50-day moving average of $2.39 and a 200 day moving average of $3.11.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. The company had revenue of $21.23 million during the quarter, compared to analyst estimates 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, sell-side analysts anticipate that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BFLY has been the topic of several analyst reports. William Blair initiated coverage on Butterfly Network in a research note on Monday, March 17th. They set an "outperform" rating on the stock. Lake Street Capital cut their target price on Butterfly Network from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Monday, May 5th.

Insiders Place Their Bets

In other news, EVP Heather C. Getz sold 65,456 shares of Butterfly Network stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $2.20, for a total transaction of $144,003.20. Following the sale, the executive vice president now owns 2,919,274 shares of the company's stock, valued at approximately $6,422,402.80. The trade was a 2.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph Devivo sold 320,215 shares of the business'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 sale, the chief executive officer now directly owns 7,249,789 shares in the company, valued at approximately $17,689,485.16. The trade was a 4.23% decrease in their position. The disclosure for this sale can be found here. 25.18% of the stock is owned by insiders.

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.