ARK Investment Management LLC Lowers Stake in Butterfly Network, Inc. (NYSE:BFLY)

ARK Investment Management LLC cut its position in Butterfly Network, Inc. (NYSE:BFLY) by 21.0% in the third quarter, HoldingsChannel.com reports. The firm owned 8,676,233 shares of the company’s stock after selling 2,308,495 shares during the quarter. ARK Investment Management LLC’s holdings in Butterfly Network were worth $15,357,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BFLY. Procyon Advisors LLC lifted its holdings in Butterfly Network by 7.3% in the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock worth $145,000 after purchasing an additional 5,600 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of Butterfly Network by 3.0% during the first quarter. GSA Capital Partners LLP now owns 559,008 shares of the company’s stock valued at $604,000 after buying an additional 16,496 shares during the last quarter. Quent Capital LLC boosted its position in shares of Butterfly Network by 25.6% during the third quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock worth $173,000 after acquiring an additional 20,000 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc grew its stake in Butterfly Network by 42.9% during the first quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company’s stock valued at $108,000 after acquiring an additional 30,000 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Butterfly Network by 15.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 421,296 shares of the company’s stock valued at $455,000 after acquiring an additional 55,892 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Butterfly Network

In related news, Director Larry Robbins purchased 244,774 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the acquisition, the director now owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 27.28% of the company’s stock.

Butterfly Network Stock Performance

NYSE BFLY opened at $2.45 on Friday. The stock has a 50 day moving average price of $1.77 and a 200-day moving average price of $1.25. Butterfly Network, Inc. has a one year low of $0.67 and a one year high of $2.75. The company has a market capitalization of $522.00 million, a P/E ratio of -5.33 and a beta of 2.17.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The firm had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. During the same period in the previous year, the firm posted ($0.13) EPS. As a group, equities analysts predict that Butterfly Network, Inc. will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital began coverage on Butterfly Network in a research report on Tuesday, September 10th. They set a “buy” rating and a $3.00 price objective for the company.

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.