Point72 Asia Singapore Pte. Ltd. Acquires 234,530 Shares of Butterfly Network, Inc. (NYSE:BFLY)

Point72 Asia Singapore Pte. Ltd. increased its stake in Butterfly Network, Inc. (NYSE:BFLY) by 1,045.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 256,974 shares of the company’s stock after purchasing an additional 234,530 shares during the period. Point72 Asia Singapore Pte. Ltd. owned approximately 0.12% of Butterfly Network worth $216,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its position 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 worth $455,000 after buying an additional 55,892 shares during the last quarter. GSA Capital Partners LLP boosted its stake in shares of Butterfly Network by 3.0% in the 1st quarter. GSA Capital Partners LLP now owns 559,008 shares of the company’s stock valued at $604,000 after purchasing an additional 16,496 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Butterfly Network by 645.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company’s stock valued at $94,000 after purchasing an additional 75,480 shares during the last quarter. Vanguard Group Inc. raised its position in Butterfly Network by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock worth $8,516,000 after purchasing an additional 218,720 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc lifted its stake in Butterfly Network by 42.9% in the first quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company’s stock worth $108,000 after purchasing an additional 30,000 shares during the last quarter. 37.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Butterfly Network news, Director Larry Robbins purchased 244,774 shares of the stock in a transaction on Friday, August 30th. The stock was acquired at an average price of $1.07 per share, with a total value of $261,908.18. Following the transaction, the director now directly owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Joseph Devivo bought 104,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average price of $0.95 per share, with a total value of $98,800.00. Following the purchase, the chief executive officer now owns 7,009,221 shares of the company’s stock, valued at approximately $6,658,759.95. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Larry Robbins purchased 244,774 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average cost of $1.07 per share, with a total value of $261,908.18. Following the completion of the purchase, the director now owns 9,955,144 shares of the company’s stock, valued at $10,652,004.08. The disclosure for this purchase can be found here. 27.28% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Butterfly Network Stock Performance

Shares of BFLY stock opened at $1.78 on Thursday. Butterfly Network, Inc. has a fifty-two week low of $0.67 and a fifty-two week high of $2.20. The company has a market capitalization of $375.06 million, a P/E ratio of -3.07 and a beta of 2.14. The stock has a 50 day moving average price of $1.33 and a two-hundred day moving average price of $1.10.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. Butterfly Network had a negative net margin of 153.29% and a negative return on equity of 43.77%. The business had revenue of $21.49 million during the quarter, compared to analysts’ expectations of $20.06 million. During the same quarter in the prior year, the company posted ($0.14) EPS. As a group, equities analysts predict that Butterfly Network, Inc. will post -0.37 earnings per share for the current year.

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.