First Light Asset Management LLC Sells 151,964 Shares of Butterfly Network, Inc. $BFLY

First Light Asset Management LLC lessened its holdings in Butterfly Network, Inc. (NYSE:BFLY) by 5.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,660,167 shares of the company’s stock after selling 151,964 shares during the period. First Light Asset Management LLC’s holdings in Butterfly Network were worth $10,747,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. KBC Group NV bought a new position in shares of Butterfly Network in the first quarter valued at approximately $25,000. ExodusPoint Capital Management LP bought a new stake in Butterfly Network during the fourth quarter worth $38,000. Sfmg LLC purchased a new position in Butterfly Network in the fourth quarter worth $39,000. Sanctuary Advisors LLC purchased a new position in Butterfly Network in the fourth quarter worth $40,000. Finally, Merit Financial Group LLC bought a new position in Butterfly Network in the 4th quarter valued at $45,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Stock Down 1.5%

Butterfly Network stock opened at $6.48 on Monday. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $9.69. The firm has a 50 day moving average price of $6.35 and a 200-day moving average price of $4.89. The company has a market capitalization of $1.65 billion, a P/E ratio of -21.61 and a beta of 2.05.

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

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Butterfly Network currently has a consensus rating of “Hold” and a consensus target price of $5.56.

Insiders Place Their Bets

In other Butterfly Network news, EVP John N. Doherty sold 55,229 shares of the business’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total value of $434,652.23. Following the sale, the executive vice president directly owned 1,454,412 shares in the company, valued at $11,446,222.44. The trade was a 3.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Victor Ku sold 35,649 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total value of $280,557.63. Following the transaction, the chief technology officer directly owned 1,063,639 shares in the company, valued at $8,370,838.93. This represents a 3.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 736,367 shares of company stock valued at $4,548,090. Company insiders own 21.99% of the company’s stock.

About Butterfly Network

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.