Lotus Technology Management LP Takes $1.38 Million Position in Butterfly Network, Inc. $BFLY

Lotus Technology Management LP acquired a new position in Butterfly Network, Inc. (NYSE:BFLY) in the second quarter, HoldingsChannel.com reports. The firm acquired 163,669 shares of the company’s stock, valued at approximately $1,378,000. Butterfly Network comprises about 1.7% of Lotus Technology Management LP’s investment portfolio, making the stock its 18th largest holding.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AWM Investment Company Inc. raised its stake in shares of Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after purchasing an additional 3,000,000 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Butterfly Network by 71.0% during the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after buying an additional 1,728,938 shares during the last quarter. First Light Asset Management LLC boosted its position in shares of Butterfly Network by 149.3% during the fourth quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock valued at $10,686,000 after buying an additional 1,684,133 shares during the last quarter. Sei Investments Co. bought a new stake in Butterfly Network in the 2nd quarter worth about $2,183,000. Finally, Deutsche Bank AG increased its holdings in Butterfly Network by 156.7% in the 4th quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock worth $6,279,000 after buying an additional 1,008,556 shares in the last quarter. 37.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.56.

Insiders Place Their Bets

In other Butterfly Network news, CAO Megan Carlson sold 68,852 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72. Following the completion of the sale, the chief accounting officer directly owned 425,889 shares in the company, valued at $3,347,487.54. The trade was a 13.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steve Cashman sold 294,680 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80. Following the sale, the insider owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. This represents a 15.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 4,987,405 shares of company stock valued at $32,975,004. 21.99% of the stock is currently owned by company insiders.

Butterfly Network Trading Up 1.2%

Shares of BFLY opened at $9.05 on Wednesday. The firm has a market cap of $2.41 billion, a PE ratio of -31.22 and a beta of 2.09. The firm has a fifty day simple moving average of $8.04 and a two-hundred day simple moving average of $5.57. Butterfly Network, Inc. has a 1-year low of $1.47 and a 1-year high of $10.05.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. As a group, research analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

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.