Counterpoint Mutual Funds LLC Acquires New Position in Butterfly Network, Inc. $BFLY

Counterpoint Mutual Funds LLC bought a new position in shares of Butterfly Network, Inc. (NYSE:BFLY) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 134,954 shares of the company’s stock, valued at approximately $545,000. Counterpoint Mutual Funds LLC owned 0.05% of Butterfly Network as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Invesco Ltd. purchased a new position in Butterfly Network during the 1st quarter worth $85,000. Goldman Sachs Group Inc. grew its position in shares of Butterfly Network by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after buying an additional 29,958 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Butterfly Network by 9,055.9% in the second quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after acquiring an additional 91,012 shares in the last quarter. Legal & General Group Plc lifted its stake in Butterfly Network by 136.5% in the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after acquiring an additional 119,455 shares during the period. Finally, Rhumbline Advisers bought a new position in Butterfly Network during the 2nd quarter worth about $475,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Insider Activity

In other news, insider Steve Cashman sold 294,680 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.66, for a total value of $1,373,208.80. Following the completion of the transaction, the insider directly owned 1,630,407 shares in the company, valued at $7,597,696.62. This trade represents a 15.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 21.99% of the stock is currently owned by insiders.

Butterfly Network Price Performance

NYSE BFLY opened at $7.69 on Friday. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -25.63 and a beta of 2.05. The stock’s fifty day moving average price is $5.55 and its 200 day moving average price is $4.51. Butterfly Network, Inc. has a 1 year low of $1.32 and a 1 year high of $9.69.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. Research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BFLY. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Butterfly Network currently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Company 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.