ARK Investment Management LLC Has $15.36 Million Stock Holdings in Butterfly Network, Inc. (NYSE:BFLY)

ARK Investment Management LLC lessened its holdings in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 21.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,676,233 shares of the company's stock after selling 2,308,495 shares during the quarter. ARK Investment Management LLC owned approximately 4.08% of Butterfly Network worth $15,357,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Cannon Global Investment Management LLC acquired a new position in Butterfly Network during the third quarter worth approximately $100,000. Procyon Advisors LLC grew its position in shares of Butterfly Network by 7.3% in the third quarter. Procyon Advisors LLC now owns 81,882 shares of the company's stock valued at $145,000 after purchasing an additional 5,600 shares during the last quarter. Quent Capital LLC grew its position in shares of Butterfly Network by 25.6% in the third quarter. Quent Capital LLC now owns 98,000 shares of the company's stock valued at $173,000 after purchasing an additional 20,000 shares during the last quarter. Point72 DIFC Ltd grew its position in shares of Butterfly Network by 1,271.4% in the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company's stock valued at $65,000 after purchasing an additional 71,773 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Butterfly Network in the second quarter valued at approximately $90,000. Institutional investors and hedge funds own 37.85% of the company's stock.

Butterfly Network Trading Up 6.7 %

NYSE BFLY traded up $0.17 on Friday, hitting $2.62. 2,938,914 shares of the company's stock were exchanged, compared to its average volume of 1,957,082. The stock has a 50-day moving average of $1.79 and a 200-day moving average of $1.26. Butterfly Network, Inc. has a 52 week low of $0.67 and a 52 week high of $2.75. The stock has a market cap of $557.16 million, a price-to-earnings ratio of -5.33 and a beta of 2.17.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The firm had revenue of $20.56 million during the quarter, compared to analysts' expectations of $19.12 million. During the same period in the prior year, the company earned ($0.13) earnings per share. As a group, analysts predict that Butterfly Network, Inc. will post -0.37 earnings per share for the current year.

Analyst Ratings Changes

Separately, Lake Street Capital initiated coverage on Butterfly Network in a research report on Tuesday, September 10th. They issued a "buy" rating and a $3.00 target price on the stock.

Insider Activity

In related news, Director Larry Robbins bought 244,774 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was acquired at an average cost of $1.07 per share, with a total value of $261,908.18. Following the transaction, the director now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 27.28% of the stock is owned by corporate insiders.

Butterfly Network 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.