First Light Asset Management LLC Sells 4,337,034 Shares of Butterfly Network, Inc. $BFLY

First Light Asset Management LLC lowered its stake in shares of Butterfly Network, Inc. (NYSE:BFLY) by 79.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,127,998 shares of the company’s stock after selling 4,337,034 shares during the period. First Light Asset Management LLC’s holdings in Butterfly Network were worth $2,177,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ameriprise Financial Inc. purchased a new position in shares of Butterfly Network in the 3rd quarter valued at $25,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Butterfly Network during the 3rd quarter worth $32,000. BNP Paribas Financial Markets boosted its position in Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after purchasing an additional 14,244 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in Butterfly Network during the second quarter valued at about $39,000. Finally, Prudential Financial Inc. purchased a new position in Butterfly Network in the second quarter valued at about $40,000. Institutional investors own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Loop Capital set a $5.50 price target on shares of Butterfly Network in a research report on Monday, March 2nd. Wall Street Zen raised shares of Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Zacks Research lowered shares of Butterfly Network from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. TD Cowen increased their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Finally, Lake Street Capital raised their target price on shares of Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Stock Performance

Butterfly Network stock opened at $3.80 on Monday. The stock has a market cap of $958.62 million, a PE ratio of -12.24 and a beta of 2.27. The stock has a 50-day moving average of $3.80 and a two-hundred day moving average of $2.96. Butterfly Network, Inc. has a one year low of $1.32 and a one year high of $5.03.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%.The business had revenue of $31.51 million for the quarter, compared to analyst estimates of $26.25 million. As a group, sell-side analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Butterfly Network news, CTO Victor Ku sold 35,968 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $3.82, for a total transaction of $137,397.76. Following the sale, the chief technology officer owned 811,962 shares of the company’s stock, valued at approximately $3,101,694.84. The trade was a 4.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John N. Doherty sold 60,182 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $3.98, for a total transaction of $239,524.36. Following the transaction, the executive vice president owned 1,234,688 shares in the company, valued at $4,914,058.24. The trade was a 4.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,868,667 shares of company stock worth $7,111,792 in the last three months. Corporate insiders own 25.18% of the company’s stock.

Butterfly Network Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.