Levin Capital Strategies L.P. Acquires 70,000 Shares of Butterfly Network, Inc. (NYSE:BFLY)

Levin Capital Strategies L.P. grew its holdings in shares of Butterfly Network, Inc. (NYSE:BFLY) by 93.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,000 shares of the company’s stock after purchasing an additional 70,000 shares during the quarter. Levin Capital Strategies L.P. owned about 0.07% of Butterfly Network worth $157,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Zazove Associates LLC boosted its position in shares of Butterfly Network by 1,060.9% in the fourth quarter. Zazove Associates LLC now owns 580,449 shares of the company’s stock valued at $627,000 after acquiring an additional 530,449 shares during the period. Archon Capital Management LLC bought a new position in shares of Butterfly Network in the first quarter valued at approximately $352,000. Vanguard Group Inc. boosted its position in shares of Butterfly Network by 2.9% in the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock valued at $8,516,000 after acquiring an additional 218,720 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of Butterfly Network by 645.1% in the first quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company’s stock valued at $94,000 after acquiring an additional 75,480 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Butterfly Network by 15.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 421,296 shares of the company’s stock valued at $455,000 after acquiring an additional 55,892 shares during the period. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Price Performance

Shares of BFLY stock traded up $0.04 during trading hours on Wednesday, reaching $1.12. The stock had a trading volume of 917,429 shares, compared to its average volume of 1,759,168. The stock’s fifty day simple moving average is $1.01 and its 200 day simple moving average is $1.01. Butterfly Network, Inc. has a 12 month low of $0.67 and a 12 month high of $2.59.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.05. Butterfly Network had a negative net margin of 179.09% and a negative return on equity of 47.83%. The business had revenue of $17.66 million during the quarter, compared to analyst estimates of $17.13 million. During the same period in the previous year, the business posted ($0.17) earnings per share. As a group, sell-side analysts predict that Butterfly Network, Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, CFO Heather C. Getz sold 59,848 shares of Butterfly Network stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $0.95, for a total transaction of $56,855.60. Following the transaction, the chief financial officer now directly owns 2,699,469 shares of the company’s stock, valued at $2,564,495.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 76,668 shares of company stock worth $72,010 over the last three months. 27.28% of the stock is owned by insiders.

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.