Parkman Healthcare Partners LLC Invests $2.34 Million in Butterfly Network, Inc. (NYSE:BFLY)

Parkman Healthcare Partners LLC purchased a new position in shares of Butterfly Network, Inc. (NYSE:BFLY) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 750,000 shares of the company’s stock, valued at approximately $2,340,000. Parkman Healthcare Partners LLC owned about 0.35% of Butterfly Network at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Sound View Wealth Advisors Group LLC raised its position in shares of Butterfly Network by 18.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 16,000 shares of the company’s stock valued at $50,000 after purchasing an additional 2,500 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Butterfly Network by 23.9% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company’s stock valued at $74,000 after purchasing an additional 4,606 shares during the period. Kovitz Investment Group Partners LLC raised its position in shares of Butterfly Network by 37.0% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company’s stock valued at $107,000 after purchasing an additional 9,250 shares during the period. Ground Swell Capital LLC bought a new stake in shares of Butterfly Network during the 4th quarter valued at $32,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Butterfly Network during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Insider Transactions at Butterfly Network

In other news, EVP Heather C. Getz sold 65,456 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $2.20, for a total value of $144,003.20. Following the completion of the sale, the executive vice president now owns 2,919,274 shares of the company’s stock, valued at approximately $6,422,402.80. This represents a 2.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph Devivo sold 320,215 shares of the company’s stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $2.44, for a total transaction of $781,324.60. Following the completion of the sale, the chief executive officer now directly owns 7,249,789 shares of the company’s stock, valued at $17,689,485.16. The trade was a 4.23% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company’s stock.

Butterfly Network Stock Up 1.3%

Butterfly Network stock opened at $2.38 on Wednesday. The company’s 50-day moving average price is $2.41 and its 200-day moving average price is $3.09. Butterfly Network, Inc. has a twelve month low of $0.82 and a twelve month high of $4.98. The company has a market cap of $588.55 million, a PE ratio of -5.17 and a beta of 2.59.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The firm had revenue of $21.23 million for the quarter, compared to the consensus estimate of $21.16 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. As a group, sell-side analysts expect that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. William Blair assumed coverage on shares of Butterfly Network in a research report on Monday, March 17th. They set an “outperform” rating on the stock. Lake Street Capital reduced their price target on shares of Butterfly Network from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Monday, May 5th.

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.