Perkins Capital Management Inc. Acquires 629,020 Shares of Butterfly Network, Inc. $BFLY

Perkins Capital Management Inc. lifted its stake in Butterfly Network, Inc. (NYSE:BFLY) by 213.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 924,280 shares of the company’s stock after purchasing an additional 629,020 shares during the period. Butterfly Network comprises about 1.6% of Perkins Capital Management Inc.’s investment portfolio, making the stock its 20th largest position. Perkins Capital Management Inc. owned 0.37% of Butterfly Network worth $1,784,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Butterfly Network by 114.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after buying an additional 2,317,882 shares during the last quarter. Sei Investments Co. purchased a new stake in Butterfly Network during the second quarter valued at approximately $2,183,000. Acadian Asset Management LLC boosted its stake in Butterfly Network by 44.7% in the second quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock valued at $4,624,000 after acquiring an additional 714,764 shares in the last quarter. Bank of America Corp DE raised its stake in Butterfly Network by 95.3% in the second quarter. Bank of America Corp DE now owns 938,622 shares of the company’s stock valued at $1,877,000 after buying an additional 458,039 shares during the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of Butterfly Network during the second quarter worth about $475,000. 37.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BFLY. Craig Hallum reissued a “buy” rating and issued a $5.25 price objective on shares of Butterfly Network in a report on Wednesday. Lake Street Capital lifted their price objective on shares of Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a report on Tuesday, January 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Finally, Loop Capital set a $5.00 target price on Butterfly Network in a research note on Wednesday, December 31st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Butterfly Network has a consensus rating of “Hold” and a consensus price target of $5.25.

Insider Buying and Selling

In related news, EVP John N. Doherty sold 60,182 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $3.98, for a total value of $239,524.36. Following the completion of the transaction, the executive vice president owned 1,234,688 shares in the company, valued at $4,914,058.24. This trade represents a 4.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Victor Ku sold 35,968 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $3.82, for a total value of $137,397.76. Following the sale, the chief technology officer directly owned 811,962 shares of the company’s stock, valued at $3,101,694.84. This trade represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,298,684 shares of company stock worth $24,281,944 in the last ninety days. 25.18% of the stock is currently owned by corporate insiders.

Butterfly Network Stock Down 4.1%

BFLY opened at $4.51 on Monday. The firm has a market cap of $1.14 billion, a P/E ratio of -13.65 and a beta of 2.27. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $5.03. The business’s fifty day simple moving average is $3.53 and its 200 day simple moving average is $2.48.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The firm had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. As a group, equities analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

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.