Cannon Global Investment Management LLC Invests $100,000 in Butterfly Network, Inc. (NYSE:BFLY)

Cannon Global Investment Management LLC purchased a new position in Butterfly Network, Inc. (NYSE:BFLY) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 56,400 shares of the company’s stock, valued at approximately $100,000.

A number of other hedge funds have also recently made changes to their positions in BFLY. Point72 DIFC Ltd boosted its position in shares of Butterfly Network by 1,271.4% in the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock worth $65,000 after purchasing an additional 71,773 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $90,000. Oppenheimer & Co. Inc. boosted its position in shares of Butterfly Network by 645.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company’s stock worth $94,000 after purchasing an additional 75,480 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc raised its holdings 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 worth $108,000 after acquiring an additional 30,000 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in Butterfly Network in the 2nd quarter worth approximately $112,000. 37.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling at Butterfly Network

In other news, CEO Joseph Devivo acquired 104,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average price of $0.95 per share, with a total value of $98,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 7,009,221 shares of the company’s stock, valued at approximately $6,658,759.95. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Joseph Devivo purchased 104,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average cost of $0.95 per share, for a total transaction of $98,800.00. Following the purchase, the chief executive officer now directly owns 7,009,221 shares in the company, valued at $6,658,759.95. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Larry Robbins purchased 244,774 shares of the business’s stock in a transaction on Friday, August 30th. The shares were purchased at an average price of $1.07 per share, with a total value of $261,908.18. Following the completion of the purchase, the director now owns 9,955,144 shares in the company, valued at approximately $10,652,004.08. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 27.28% of the company’s stock.

Butterfly Network Price Performance

NYSE BFLY traded up $0.25 during mid-day trading on Friday, reaching $2.03. The stock had a trading volume of 7,872,590 shares, compared to its average volume of 1,603,328. Butterfly Network, Inc. has a 1 year low of $0.67 and a 1 year high of $2.20. The stock has a market cap of $431.53 million, a PE ratio of -4.41 and a beta of 2.17. The company has a fifty day moving average price of $1.68 and a 200 day moving average price of $1.22.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative net margin of 153.29% and a negative return on equity of 43.77%. The company had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. During the same period in the previous year, the business earned ($0.13) EPS. As a group, equities research analysts expect that Butterfly Network, Inc. will post -0.37 earnings per share for the current year.

Butterfly Network Company Profile

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.