Oppenheimer & Co. Inc. Increases Stake in Butterfly Network, Inc. (NYSE:BFLY)

Oppenheimer & Co. Inc. raised its holdings in Butterfly Network, Inc. (NYSE:BFLY) by 22.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 258,920 shares of the company’s stock after buying an additional 46,630 shares during the period. Oppenheimer & Co. Inc.’s holdings in Butterfly Network were worth $458,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BFLY. Cetera Advisors LLC purchased a new position in Butterfly Network in the first quarter valued at $1,250,000. Marshall Wace LLP raised its position in Butterfly Network by 353.7% in the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after purchasing an additional 248,201 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Butterfly Network by 1,045.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock valued at $216,000 after buying an additional 234,530 shares during the period. Vanguard Group Inc. grew its position in shares of Butterfly Network by 2.9% during the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock worth $8,516,000 after buying an additional 218,720 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Butterfly Network during the second quarter worth approximately $112,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Larry Robbins purchased 244,774 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average cost of $1.07 per share, with a total value of $261,908.18. Following the completion of the acquisition, the director now directly owns 9,955,144 shares in the company, valued at $10,652,004.08. This trade represents a 2.52 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 27.28% of the stock is owned by company insiders.

Butterfly Network Price Performance

NYSE BFLY opened at $3.30 on Friday. The company has a fifty day moving average of $2.03 and a two-hundred day moving average of $1.40. The company has a market capitalization of $702.10 million, a PE ratio of -7.16 and a beta of 2.17. Butterfly Network, Inc. has a 1 year low of $0.67 and a 1 year high of $3.55.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $20.56 million during the quarter, compared to analysts’ expectations of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same quarter in the previous year, the business earned ($0.13) earnings per share. On average, research analysts expect that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Analyst Ratings Changes

Separately, Lake Street Capital initiated coverage on shares of Butterfly Network in a research report on Tuesday, September 10th. They set a “buy” rating and a $3.00 price objective for the company.

Butterfly Network Company 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.