Principal Financial Group Inc. Invests $708,000 in Butterfly Network, Inc. (NYSE:BFLY)

Principal Financial Group Inc. bought a new position in shares of Butterfly Network, Inc. (NYSE:BFLY) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 310,427 shares of the company’s stock, valued at approximately $708,000. Principal Financial Group Inc. owned 0.13% of Butterfly Network as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Total Wealth Planning & Management Inc. acquired a new stake in shares of Butterfly Network in the first quarter valued at about $25,000. Ground Swell Capital LLC acquired a new stake in shares of Butterfly Network in the 4th quarter valued at about $32,000. Steel Grove Capital Advisors LLC acquired a new stake in shares of Butterfly Network in the 1st quarter valued at about $34,000. Teacher Retirement System of Texas acquired a new stake in shares of Butterfly Network in the 1st quarter valued at about $44,000. Finally, Dark Forest Capital Management LP bought a new position in Butterfly Network in the 4th quarter valued at about $45,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Insider Activity at Butterfly Network

In related news, CEO Joseph Devivo sold 320,215 shares of Butterfly Network stock in a transaction on Friday, April 25th. The shares were sold at an average price of $2.44, for a total value of $781,324.60. Following the completion of the sale, the chief executive officer owned 7,249,789 shares in the company, valued at approximately $17,689,485.16. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Heather C. Getz sold 65,456 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $2.20, for a total transaction of $144,003.20. Following the sale, the executive vice president owned 2,919,274 shares in the company, valued at $6,422,402.80. This represents a 2.19% decrease in their position. The disclosure for this sale can be found here. 25.18% of the stock is currently owned by company insiders.

Butterfly Network Stock Performance

BFLY opened at $1.87 on Friday. The firm’s fifty day moving average is $2.17 and its 200 day moving average is $2.82. Butterfly Network, Inc. has a fifty-two week low of $0.90 and a fifty-two week high of $4.98. The stock has a market cap of $462.43 million, a price-to-earnings ratio of -6.45 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. Butterfly Network had a negative net margin of 75.56% and a negative return on equity of 29.97%. The firm had revenue of $21.23 million for the quarter, compared to analyst estimates of $21.16 million. On average, equities research analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Lake Street Capital decreased their target price on Butterfly Network from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Craig Hallum started coverage on Butterfly Network in a report on Tuesday, July 1st. They set a “buy” rating and a $3.00 price objective 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.