Acadian Asset Management LLC Purchases 1,167,055 Shares of 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 raised its position in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 270.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,598,552 shares of the company's stock after acquiring an additional 1,167,055 shares during the period. Acadian Asset Management LLC owned approximately 0.65% of Butterfly Network worth $3,642,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Butterfly Network by 15.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company's stock worth $97,000 after acquiring an additional 4,212 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Butterfly Network by 33.0% during the 1st quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company's stock worth $46,000 after acquiring an additional 5,010 shares in the last quarter. Total Wealth Planning & Management Inc. purchased a new stake in Butterfly Network during the 1st quarter valued at $25,000. TradeLink Capital LLC purchased a new stake in Butterfly Network during the 1st quarter valued at $25,000. Finally, Palumbo Wealth Management LLC raised its holdings in Butterfly Network by 15.3% during the 1st quarter. Palumbo Wealth Management LLC now owns 84,618 shares of the company's stock valued at $193,000 after buying an additional 11,248 shares during the period. 37.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other 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 transaction of $213,885.00. Following the transaction, the insider owned 2,181,884 shares of the company's stock, valued at approximately $3,272,826. This represents a 6.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 161,235 shares of company stock worth $241,731. 25.18% of the stock is currently owned by corporate insiders.

Butterfly Network Stock Performance

BFLY stock traded down $0.04 during midday trading on Friday, reaching $1.86. The company's stock had a trading volume of 15,286,747 shares, compared to its average volume of 3,282,160. The stock has a fifty day simple moving average of $1.62 and a two-hundred day simple moving average of $2.08. Butterfly Network, Inc. has a 1 year low of $1.32 and a 1 year high of $4.98. The firm has a market capitalization of $466.98 million, a price-to-earnings ratio of -6.63 and a beta of 2.52.

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on BFLY shares. Oppenheimer restated a "market perform" rating on shares of Butterfly Network in a report on Friday, August 1st. Craig Hallum restated a "positive" rating and set a $2.00 price target on shares of Butterfly Network in a report on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Butterfly Network currently has a consensus rating of "Moderate Buy" and an average target price of $3.00.

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.