State Street Corp Has $1.21 Million Stake in Butterfly Network, Inc. (NYSE:BFLY)

State Street Corp cut its position in shares of Butterfly Network, Inc. (NYSE:BFLY) by 11.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 683,184 shares of the company’s stock after selling 88,028 shares during the quarter. State Street Corp owned about 0.32% of Butterfly Network worth $1,209,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its stake in Butterfly Network by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock valued at $1,691,000 after buying an additional 35,800 shares during the period. Renaissance Technologies LLC increased its stake in shares of Butterfly Network by 46.5% in the 2nd 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. Marshall Wace LLP lifted its position in shares of Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after acquiring an additional 248,201 shares during the period. Oppenheimer & Co. Inc. boosted its stake in Butterfly Network by 22.0% during the third quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company’s stock worth $458,000 after acquiring an additional 46,630 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in Butterfly Network by 1,045.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock worth $216,000 after purchasing an additional 234,530 shares during the period. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Stock Performance

Shares of Butterfly Network stock opened at $3.97 on Friday. The stock has a market capitalization of $845.86 million, a PE ratio of -8.63 and a beta of 2.46. Butterfly Network, Inc. has a 52 week low of $0.67 and a 52 week high of $4.17. The stock has a 50 day moving average price of $2.92 and a two-hundred day moving average price of $1.87.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (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 business had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. During the same quarter last year, the firm posted ($0.13) EPS. Research analysts forecast that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Butterfly Network

In related news, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the transaction, the insider now owns 1,835,921 shares of the company’s stock, valued at $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the sale, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

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.