Point72 DIFC Ltd Increases Stock Position in Butterfly Network, Inc. (NYSE:BFLY)

Point72 DIFC Ltd increased its holdings in Butterfly Network, Inc. (NYSE:BFLY) by 1,271.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 77,418 shares of the company’s stock after buying an additional 71,773 shares during the period. Point72 DIFC Ltd’s holdings in Butterfly Network were worth $65,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Marshall Wace LLP boosted its stake in Butterfly Network by 353.7% in the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after purchasing an additional 248,201 shares during the period. XTX Topco Ltd purchased a new position in Butterfly Network during the second quarter valued at approximately $112,000. Renaissance Technologies LLC grew its stake in Butterfly Network by 46.5% during the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock valued at $288,000 after acquiring an additional 108,944 shares in the last quarter. Cetera Advisors LLC bought a new stake in Butterfly Network during the 1st quarter worth approximately $1,250,000. Finally, Levin Capital Strategies L.P. lifted its stake in Butterfly Network by 93.3% in the 1st quarter. Levin Capital Strategies L.P. now owns 145,000 shares of the company’s stock worth $157,000 after purchasing an additional 70,000 shares in the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Butterfly Network

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

Butterfly Network Stock Up 3.9 %

Shares of NYSE BFLY opened at $1.58 on Friday. The stock’s 50-day simple moving average is $1.29 and its two-hundred day simple moving average is $1.08. Butterfly Network, Inc. has a twelve month low of $0.67 and a twelve month high of $2.20. The firm has a market capitalization of $335.86 million, a P/E ratio of -2.72 and a beta of 2.14.

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

Wall Street Analysts Forecast Growth

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

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.