Acadian Asset Management LLC Boosts Stock Holdings in Butterfly Network, Inc. $BFLY

Key Points

• Acadian Asset Management LLC increased its stake in Butterfly Network, Inc. by 270.5%, owning over 1.5 million shares worth approximately $3.6 million.
• Analysts have a consensus rating of "Moderate Buy" for Butterfly Network, with an average price target of $3.00.
• Recent earnings reports showed Butterfly Network beating EPS estimates but falling short on revenue expectations with $23.38 million reported for the quarter.

Acadian Asset Management LLC boosted its position in Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 270.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,598,552 shares of the company's stock after purchasing an additional 1,167,055 shares during the period. Acadian Asset Management LLC owned about 0.65% of Butterfly Network worth $3,642,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in BFLY. Total Wealth Planning & Management Inc. purchased a new stake in shares of Butterfly Network during the first quarter worth $25,000. TradeLink Capital LLC purchased a new stake in shares of Butterfly Network during the first quarter worth $25,000. CTC Alternative Strategies Ltd. purchased a new stake in shares of Butterfly Network during the first quarter worth $29,000. Deutsche Bank AG purchased a new stake in shares of Butterfly Network during the first quarter worth $31,000. Finally, Steel Grove Capital Advisors LLC purchased a new stake in shares of Butterfly Network during the first quarter worth $34,000. Hedge funds and other institutional investors own 37.85% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BFLY. Oppenheimer reiterated a "market perform" rating on shares of Butterfly Network in a research report on Friday, August 1st. Craig Hallum reiterated a "positive" rating and issued a $2.00 price objective on shares of Butterfly Network in a research report on Monday, August 4th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $3.00.

Butterfly Network Stock Up 1.0%

BFLY opened at $1.57 on Monday. The stock has a market cap of $393.97 million, a PE ratio of -5.59 and a beta of 2.52. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $4.98. The business's fifty day simple moving average is $1.63 and its 200 day simple moving average is $2.12.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its earnings results on Friday, August 1st. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The business had revenue of $23.38 million for the quarter, compared to analysts' expectations of $23.91 million. Butterfly Network had a negative return on equity of 30.53% and a negative net margin of 71.79%. Butterfly Network has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Steve Cashman sold 142,590 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $1.50, for a total value of $213,885.00. Following the transaction, the insider owned 2,181,884 shares of the company's stock, valued at $3,272,826. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 161,235 shares of company stock valued at $241,731 over the last quarter. 25.18% of the stock is owned by corporate 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.

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