19,154 Shares in Butterfly Network, Inc. (NYSE:BFLY) Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas acquired a new stake in shares of Butterfly Network, Inc. (NYSE:BFLY) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 19,154 shares of the company’s stock, valued at approximately $44,000.

Other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Butterfly Network by 15.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company’s stock worth $97,000 after purchasing an additional 4,212 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in Butterfly Network by 23.9% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company’s stock worth $74,000 after acquiring an additional 4,606 shares during the last quarter. Kovitz Investment Group Partners LLC grew its holdings in Butterfly Network by 37.0% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company’s stock worth $107,000 after acquiring an additional 9,250 shares during the last quarter. Ground Swell Capital LLC bought a new stake in Butterfly Network during the 4th quarter worth about $32,000. Finally, Total Wealth Planning & Management Inc. bought a new stake in Butterfly Network during the 1st quarter worth about $25,000. 37.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on BFLY shares. Lake Street Capital reduced their price objective on shares of Butterfly Network from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Craig Hallum started coverage on shares of Butterfly Network in a research note on Tuesday, July 1st. They set a “buy” rating and a $3.00 price objective on the stock.

Butterfly Network Stock Up 0.8%

NYSE BFLY opened at $1.89 on Tuesday. Butterfly Network, Inc. has a 12-month low of $0.90 and a 12-month high of $4.98. The company has a market capitalization of $466.14 million, a PE ratio of -6.50 and a beta of 2.46. The firm’s 50 day moving average is $2.17 and its 200-day moving average is $2.82.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The firm had revenue of $21.23 million during the quarter, compared to analysts’ expectations of $21.16 million. Butterfly Network had a negative net margin of 75.56% and a negative return on equity of 29.97%. As a group, sell-side analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Buying and Selling

In other news, CEO Joseph Devivo sold 320,215 shares of the company’s stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $2.44, for a total transaction of $781,324.60. Following the transaction, the chief executive officer directly owned 7,249,789 shares of the company’s stock, valued at $17,689,485.16. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Heather C. Getz sold 65,456 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $2.20, for a total value of $144,003.20. Following the transaction, the executive vice president owned 2,919,274 shares of the company’s stock, valued at $6,422,402.80. The trade was 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 corporate insiders.

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.