GSA Capital Partners LLP Lowers Stock Position in Butterfly Network, Inc. (NYSE:BFLY)

GSA Capital Partners LLP cut its position in shares of Butterfly Network, Inc. (NYSE:BFLY) by 27.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 925,518 shares of the company’s stock after selling 347,484 shares during the period. GSA Capital Partners LLP owned 0.44% of Butterfly Network worth $1,638,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Butterfly Network by 2.9% during the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock worth $8,516,000 after buying an additional 218,720 shares in the last quarter. Cetera Advisors LLC purchased a new stake in Butterfly Network during the first quarter worth $1,250,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Butterfly Network by 15.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 421,296 shares of the company’s stock worth $455,000 after buying an additional 55,892 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Butterfly Network by 46.5% during the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock valued at $288,000 after purchasing an additional 108,944 shares in the last quarter. Finally, Archon Capital Management LLC purchased a new position in Butterfly Network during the first quarter valued at $352,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Butterfly Network news, Director Larry Robbins bought 244,774 shares of Butterfly Network stock in a transaction dated Friday, August 30th. The stock was acquired at an average cost of $1.07 per share, for a total transaction of $261,908.18. Following the completion of the transaction, the director now directly owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 27.28% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Lake Street Capital assumed coverage on shares of Butterfly Network in a report on Tuesday, September 10th. They set a “buy” rating and a $3.00 price objective on the stock.

Butterfly Network Stock Down 1.8 %

BFLY opened at $2.68 on Wednesday. The company has a market cap of $571.01 million, a price-to-earnings ratio of -5.80 and a beta of 2.17. Butterfly Network, Inc. has a 52-week low of $0.67 and a 52-week high of $2.92. The firm’s fifty day simple moving average is $1.86 and its two-hundred day simple moving average is $1.30.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. The business had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same period last year, the firm posted ($0.13) earnings per share. On average, research analysts forecast that Butterfly Network, Inc. will post -0.34 EPS for the current year.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.