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

First Light Asset Management LLC cut its position in shares of Butterfly Network, Inc. (NYSE:BFLY) by 5.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,660,167 shares of the company’s stock after selling 151,964 shares during the quarter. First Light Asset Management LLC owned about 1.04% of Butterfly Network worth $10,747,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BFLY. KBC Group NV bought a new stake in Butterfly Network during the first quarter valued at $25,000. Ameriprise Financial Inc. acquired a new stake in Butterfly Network during the 3rd quarter worth about $25,000. BNP Paribas Financial Markets raised its position in shares of Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after acquiring an additional 14,244 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in shares of Butterfly Network in the 4th quarter worth about $38,000. Finally, Sfmg LLC acquired a new position in shares of Butterfly Network in the 4th quarter valued at about $39,000. Institutional investors own 37.85% of the company’s stock.

Insider Transactions at Butterfly Network

In related news, CAO Megan Carlson sold 41,303 shares of Butterfly Network stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $7.96, for a total transaction of $328,771.88. Following the transaction, the chief accounting officer owned 465,906 shares of the company’s stock, valued at $3,708,611.76. The trade was a 8.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joseph Devivo sold 204,725 shares of the firm’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 $1,611,185.75. Following the transaction, the chief executive officer owned 7,883,844 shares in the company, valued at approximately $62,045,852.28. This trade represents a 2.53% decrease in their ownership of the stock. 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 quarter, insiders sold 736,367 shares of company stock valued at $4,548,090. Corporate insiders own 21.99% of the company’s stock.

Analyst Upgrades and Downgrades

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

Butterfly Network Price Performance

NYSE:BFLY opened at $6.48 on Monday. The firm has a 50-day moving average of $6.35 and a 200-day moving average of $4.89. The company has a market cap of $1.65 billion, a PE ratio of -21.61 and a beta of 2.05. Butterfly Network, Inc. has a one year low of $1.32 and a one year high of $9.69.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $26.08 million. On average, equities research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

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.