Jane Street Group LLC Sells 278,353 Shares of Butterfly Network, Inc. (NYSE:BFLY)

Jane Street Group LLC cut its holdings in Butterfly Network, Inc. (NYSE:BFLY) by 55.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 220,856 shares of the company’s stock after selling 278,353 shares during the quarter. Jane Street Group LLC’s holdings in Butterfly Network were worth $391,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in shares of Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after acquiring an additional 35,800 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in Butterfly Network by 22.0% in the third quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company’s stock worth $458,000 after purchasing an additional 46,630 shares during the period. Verition Fund Management LLC bought a new stake in Butterfly Network during the 3rd quarter worth about $57,000. Point72 Asia Singapore Pte. Ltd. lifted its position in Butterfly Network by 1,045.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock valued at $216,000 after purchasing an additional 234,530 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of 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 during the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Stock Down 4.3 %

BFLY stock opened at $4.05 on Wednesday. Butterfly Network, Inc. has a twelve month low of $0.67 and a twelve month high of $4.45. The company has a market cap of $862.90 million, a P/E ratio of -8.80 and a beta of 2.45. The business’s fifty day moving average is $3.10 and its 200-day moving average is $1.97.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The firm had revenue of $20.56 million for the quarter, compared to analyst estimates of $19.12 million. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. Research analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Activity at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the sale, the chief financial officer now owns 2,669,333 shares in the company, valued at $8,168,158.98. This represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the transaction, the insider now owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by corporate insiders.

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.