Man Group plc raised its position in Butterfly Network, Inc. (NYSE:BFLY – Free Report) by 100.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 191,191 shares of the company’s stock after buying an additional 95,593 shares during the period. Man Group plc owned about 0.07% of Butterfly Network worth $1,610,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of BFLY. Invesco Ltd. acquired a new stake in shares of Butterfly Network during the 1st quarter valued at about $85,000. Goldman Sachs Group Inc. raised its holdings in Butterfly Network by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after purchasing an additional 29,958 shares during the period. JPMorgan Chase & Co. raised its holdings in Butterfly Network by 9,055.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock worth $184,000 after purchasing an additional 91,012 shares during the period. Legal & General Group Plc boosted its position in Butterfly Network by 136.5% during the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after purchasing an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers acquired a new stake in Butterfly Network in the second quarter valued at approximately $475,000. 37.85% of the stock is owned by hedge funds and other institutional investors.
Butterfly Network Stock Up 3.0%
BFLY stock opened at $8.13 on Wednesday. Butterfly Network, Inc. has a 52 week low of $1.47 and a 52 week high of $10.05. The firm has a 50-day simple moving average of $8.11 and a 200-day simple moving average of $5.75. The stock has a market capitalization of $2.16 billion, a P/E ratio of -28.03 and a beta of 2.08.
Insider Buying and Selling at Butterfly Network
In related news, CAO Megan Carlson sold 68,852 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72. Following the completion of the sale, the chief accounting officer directly owned 425,889 shares of the company’s stock, valued at approximately $3,347,487.54. This trade represents a 13.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steve Cashman sold 294,680 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the transaction, the insider directly owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 4,987,405 shares of company stock worth $32,975,004. Insiders own 21.99% of the company’s stock.
Analyst Ratings Changes
Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.56.
Read Our Latest Report on BFLY
Butterfly Network Profile
Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.
Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.
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