Tocqueville Asset Management L.P. Raises Position in Butterfly Network, Inc. $BFLY

Tocqueville Asset Management L.P. raised its position in Butterfly Network, Inc. (NYSE:BFLY) by 52.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 174,800 shares of the company’s stock after buying an additional 60,300 shares during the period. Tocqueville Asset Management L.P. owned about 0.07% of Butterfly Network worth $1,472,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Butterfly Network by 4.3% in the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after acquiring an additional 453,258 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Butterfly Network by 1.6% during the fourth quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock worth $23,729,000 after purchasing an additional 99,079 shares in the last quarter. Geode Capital Management LLC raised its stake in Butterfly Network by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock valued at $17,785,000 after purchasing an additional 75,243 shares during the last quarter. Bank of America Corp DE raised its stake in Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Finally, AWM Investment Company Inc. lifted its holdings in Butterfly Network by 750.0% in the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock valued at $12,920,000 after purchasing an additional 3,000,000 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Insiders Place Their Bets

In other news, Director S. Louise Phanstiel acquired 115,200 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average price of $8.68 per share, with a total value of $999,936.00. Following the completion of the acquisition, the director owned 300,461 shares of the company’s stock, valued at $2,608,001.48. This trade represents a 62.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jonathan M. Rothberg sold 659,913 shares of the company’s stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of $6.47, for a total transaction of $4,269,637.11. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 4,987,405 shares of company stock worth $32,975,004. 21.99% of the stock is currently owned by company insiders.

Butterfly Network Price Performance

BFLY opened at $9.17 on Friday. The company’s 50 day simple moving average is $7.83 and its two-hundred day simple moving average is $5.46. Butterfly Network, Inc. has a 1-year low of $1.37 and a 1-year high of $10.05. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -31.62 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%.The business had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.16 million. On average, equities analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $5.56.

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.