State Street Corp Sells 88,028 Shares of Butterfly Network, Inc. (NYSE:BFLY)

State Street Corp reduced its holdings in shares of Butterfly Network, Inc. (NYSE:BFLY) by 11.4% during the third quarter, HoldingsChannel.com reports. The fund owned 683,184 shares of the company’s stock after selling 88,028 shares during the quarter. State Street Corp’s holdings in Butterfly Network were worth $1,209,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hartline Investment Corp increased its position in shares of Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after purchasing an additional 10,000 shares during the last quarter. Verition Fund Management LLC purchased a new stake in Butterfly Network during the third quarter worth about $57,000. Point72 DIFC Ltd raised its position 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 purchased a new position in Butterfly Network in the second quarter valued at about $90,000. Finally, Cannon Global Investment Management LLC bought a new position in shares of Butterfly Network during the 3rd quarter valued at approximately $100,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Analyst Upgrades and Downgrades

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.

Insider Activity at Butterfly Network

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

Butterfly Network Price Performance

Shares of NYSE BFLY opened at $3.97 on Friday. The stock has a market capitalization of $845.86 million, a PE ratio of -8.63 and a beta of 2.46. Butterfly Network, Inc. has a one year low of $0.67 and a one year high of $4.17. The business’s fifty day moving average price is $2.92 and its 200-day moving average price is $1.87.

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

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.