S. Louise Phanstiel Buys 115,200 Shares of Butterfly Network (NYSE:BFLY) Stock

Key Points

• Director S. Louise Phanstiel purchased 115,200 Butterfly Network shares at an average price of $8.68, investing nearly $1 million and increasing her direct ownership by 62.18% to 300,461 shares.
• Butterfly Network reported quarterly revenue of $32.61 million and an adjusted loss of $0.01 per share, beating analyst estimates, though the company continues to post negative net margins and return on equity.
• The stock traded at $9.02, near its 52-week high, while analysts maintained an average “Hold” rating and a $5.56 price target; institutional investors own 37.85% of the shares.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) Director S. Louise Phanstiel purchased 115,200 shares of the business's stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average cost of $8.68 per share, with a total value of $999,936.00. Following the completion of the acquisition, the director directly owned 300,461 shares of the company's stock, valued at $2,608,001.48. This represents a 62.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Butterfly Network Stock Performance

Butterfly Network stock traded up $0.18 during midday trading on Monday, reaching $9.02. The company's stock had a trading volume of 3,312,521 shares, compared to its average volume of 6,758,036. The firm has a market capitalization of $2.40 billion, a PE ratio of -31.10 and a beta of 2.09. Butterfly Network, Inc. has a fifty-two week low of $1.34 and a fifty-two week high of $10.05. The stock's 50 day simple moving average is $7.52 and its 200 day simple moving average is $5.32.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $29.16 million. Equities analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

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 investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Butterfly Network currently has an average rating of "Hold" and an average target price of $5.56.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. AWM Investment Company Inc. increased its stake in Butterfly Network by 750.0% during the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company's stock worth $12,920,000 after acquiring an additional 3,000,000 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company's stock valued at $16,827,000 after purchasing an additional 1,728,938 shares in the last quarter. First Light Asset Management LLC grew its holdings in shares of Butterfly Network by 149.3% during the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company's stock worth $10,686,000 after purchasing an additional 1,684,133 shares during the period. Sei Investments Co. purchased a new stake in shares of Butterfly Network during the 2nd quarter worth about $2,183,000. Finally, Deutsche Bank AG increased its position in Butterfly Network by 156.7% during the 4th quarter. Deutsche Bank AG now owns 1,652,237 shares of the company's stock worth $6,279,000 after purchasing an additional 1,008,556 shares in the last quarter. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Company Profile

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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