Point72 Asia Singapore Pte. Ltd. Grows Stake in Butterfly Network, Inc. (NYSE:BFLY)

Point72 Asia Singapore Pte. Ltd. grew its position in Butterfly Network, Inc. (NYSE:BFLY) by 1,045.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 256,974 shares of the company’s stock after buying an additional 234,530 shares during the quarter. Point72 Asia Singapore Pte. Ltd. owned 0.12% of Butterfly Network worth $216,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in BFLY. Point72 DIFC Ltd lifted its stake in Butterfly Network by 1,271.4% in the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock worth $65,000 after acquiring an additional 71,773 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Butterfly Network during the 2nd quarter valued at $90,000. Oppenheimer & Co. Inc. increased its holdings in shares of Butterfly Network by 645.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company’s stock valued at $94,000 after acquiring an additional 75,480 shares during the period. Texas Capital Bank Wealth Management Services Inc raised its position in shares of Butterfly Network by 42.9% in the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company’s stock worth $108,000 after acquiring an additional 30,000 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Butterfly Network during the 2nd quarter worth $112,000. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Performance

Butterfly Network stock opened at $1.52 on Friday. The business’s 50-day simple moving average is $1.28 and its two-hundred day simple moving average is $1.08. The company has a market cap of $322.04 million, a PE ratio of -2.61 and a beta of 2.14. Butterfly Network, Inc. has a fifty-two week low of $0.67 and a fifty-two week high of $2.20.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, August 1st. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. The firm had revenue of $21.49 million during the quarter, compared to analyst estimates of $20.06 million. Butterfly Network had a negative net margin of 153.29% and a negative return on equity of 43.77%. During the same period in the previous year, the firm earned ($0.14) EPS. As a group, analysts predict that Butterfly Network, Inc. will post -0.37 EPS for the current fiscal year.

Insider Activity at Butterfly Network

In other news, CEO Joseph Devivo acquired 104,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $0.95 per share, for a total transaction of $98,800.00. Following the completion of the transaction, the chief executive officer now owns 7,009,221 shares in the company, valued at $6,658,759.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Joseph Devivo bought 104,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were bought at an average price of $0.95 per share, with a total value of $98,800.00. Following the completion of the transaction, the chief executive officer now directly owns 7,009,221 shares in the company, valued at $6,658,759.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Larry Robbins purchased 244,774 shares of the business’s stock in a transaction on Friday, August 30th. The shares were acquired at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the completion of the purchase, the director now directly owns 9,955,144 shares of the company’s stock, valued at $10,652,004.08. The disclosure for this purchase can be found here. 27.28% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

About Butterfly Network

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.