Daiwa Securities Group Inc. Has $27,000 Holdings in Butterfly Network, Inc. (NYSE:BFLY)

Daiwa Securities Group Inc. trimmed its position in Butterfly Network, Inc. (NYSE:BFLY) by 34.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 32,081 shares of the company’s stock after selling 16,926 shares during the period. Daiwa Securities Group Inc.’s holdings in Butterfly Network were worth $27,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Cetera Advisors LLC bought a new position in Butterfly Network in the first quarter valued at about $1,250,000. Levin Capital Strategies L.P. grew its holdings in Butterfly Network by 93.3% during the 1st quarter. Levin Capital Strategies L.P. now owns 145,000 shares of the company’s stock worth $157,000 after acquiring an additional 70,000 shares during the last quarter. Archon Capital Management LLC bought a new stake in Butterfly Network during the 1st quarter worth approximately $352,000. Texas Capital Bank Wealth Management Services Inc increased its position in Butterfly Network by 42.9% in the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company’s stock valued at $108,000 after acquiring an additional 30,000 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of 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 purchasing an additional 218,720 shares during the period. Institutional investors and hedge funds own 37.85% of the company’s stock.

Insider Buying and Selling

In other Butterfly Network news, CEO Joseph Devivo purchased 104,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was purchased at an average cost of $0.95 per share, for a total transaction of $98,800.00. Following the acquisition, the chief executive officer now owns 7,009,221 shares in the company, valued at approximately $6,658,759.95. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Larry Robbins acquired 244,774 shares of the stock in a transaction dated Friday, August 30th. The stock was bought at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the purchase, the director now directly owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph Devivo bought 104,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average cost of $0.95 per share, for a total transaction of $98,800.00. Following the completion of the purchase, the chief executive officer now owns 7,009,221 shares of the company’s stock, valued at $6,658,759.95. The disclosure for this purchase can be found here. 27.28% of the stock is owned by insiders.

Butterfly Network Price Performance

Shares of BFLY opened at $1.91 on Thursday. The business has a 50-day moving average of $1.22 and a 200-day moving average of $1.06. The company has a market capitalization of $402.45 million, a price-to-earnings ratio of -3.29 and a beta of 2.14. Butterfly Network, Inc. has a 1 year low of $0.67 and a 1 year high of $2.20.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.05. Butterfly Network had a negative net margin of 153.29% and a negative return on equity of 43.77%. The firm had revenue of $21.49 million during the quarter, compared to analyst estimates of $20.06 million. During the same quarter last year, the business earned ($0.14) EPS. As a group, sell-side analysts anticipate that Butterfly Network, Inc. will post -0.37 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Lake Street Capital initiated coverage on Butterfly Network in a report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price objective for the company.

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.