Verition Fund Management LLC Takes $57,000 Position in Butterfly Network, Inc. (NYSE:BFLY)

Verition Fund Management LLC purchased a new stake in shares of Butterfly Network, Inc. (NYSE:BFLY) during the 3rd quarter, Holdings Channel reports. The fund purchased 32,400 shares of the company’s stock, valued at approximately $57,000.

Other hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in Butterfly Network by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock valued at $1,691,000 after acquiring an additional 35,800 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Butterfly Network by 22.0% in the 3rd 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 last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position 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 worth $216,000 after purchasing an additional 234,530 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after purchasing an additional 248,201 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in Butterfly Network in the second quarter valued at about $90,000. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Price Performance

Butterfly Network stock opened at $3.52 on Wednesday. Butterfly Network, Inc. has a fifty-two week low of $0.67 and a fifty-two week high of $3.78. The firm has a market capitalization of $749.98 million, a price-to-earnings ratio of -7.65 and a beta of 2.46. The company’s 50 day simple moving average is $2.61 and its 200 day simple moving average is $1.71.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The company had revenue of $20.56 million for the quarter, compared to analysts’ expectations of $19.12 million. During the same period last year, the firm posted ($0.13) earnings per share. As a group, analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Ratings Changes

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

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.