Geode Capital Management LLC Grows Stock Holdings in Butterfly Network, Inc. (NYSE:BFLY)

Geode Capital Management LLC increased its position in shares of Butterfly Network, Inc. (NYSE:BFLY) by 4.0% in the third quarter, HoldingsChannel.com reports. The firm owned 1,721,723 shares of the company’s stock after acquiring an additional 65,425 shares during the quarter. Geode Capital Management LLC’s holdings in Butterfly Network were worth $3,049,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Hartline Investment Corp boosted its position in shares of Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after acquiring an additional 10,000 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new position in Butterfly Network in the third quarter valued at approximately $44,000. Barclays PLC increased its stake in Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares during the last quarter. Verition Fund Management LLC acquired a new stake in Butterfly Network during the third quarter worth approximately $57,000. Finally, Point72 DIFC Ltd lifted its position in shares of Butterfly Network by 1,271.4% during the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock worth $65,000 after buying an additional 71,773 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Lake Street Capital began coverage on shares of Butterfly Network in a research report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 target price on the stock.

Insider Transactions at Butterfly Network

In other news, CFO Heather C. Getz sold 30,136 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the transaction, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the sale, the insider now directly owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 27.28% of the company’s stock.

Butterfly Network Stock Performance

BFLY opened at $4.26 on Tuesday. Butterfly Network, Inc. has a one year low of $0.67 and a one year high of $4.45. The stock has a market capitalization of $907.64 million, a P/E ratio of -9.26 and a beta of 2.45. The business’s 50-day simple moving average is $3.06 and its 200-day simple moving average is $1.95.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $19.12 million. During the same quarter in the prior year, the firm earned ($0.13) EPS. On average, equities research analysts forecast that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Butterfly Network 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.