Butterfly Network, Inc. $BFLY Shares Purchased by State Street Corp

Key Points

• State Street increased its Butterfly Network stake by 4% in the second quarter, bringing its holdings to 5.76 million shares worth approximately $48.5 million. Institutional investors collectively own 37.85% of the company.
• Butterfly Network reported quarterly revenue of $32.61 million and an adjusted loss of $0.01 per share, beating analysts’ estimates, though the company remains unprofitable with a negative net margin of 66.74%.
• Analyst sentiment is generally positive: Needham and TD Cowen assigned Buy ratings with $10 price targets, while the stock carries a “Moderate Buy” consensus rating and an average target of $7.25.

State Street Corp boosted its position in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 4.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,762,672 shares of the company's stock after buying an additional 223,012 shares during the quarter. State Street Corp owned approximately 2.16% of Butterfly Network worth $48,522,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its holdings in Butterfly Network by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company's stock worth $466,000 after purchasing an additional 2,125 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Butterfly Network in the second quarter valued at approximately $595,000. Squarepoint Ops LLC increased its position in shares of Butterfly Network by 27.0% in the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company's stock valued at $3,792,000 after buying an additional 95,850 shares in the last quarter. Corient Private Wealth LP acquired a new position in shares of Butterfly Network during the 2nd quarter worth approximately $156,000. Finally, HighTower Advisors LLC raised its stake in shares of Butterfly Network by 11.5% during the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company's stock worth $172,000 after buying an additional 2,110 shares during the period. Hedge funds and other institutional investors own 37.85% of the company's stock.

Butterfly Network Trading Up 2.3%

Shares of NYSE BFLY opened at $9.41 on Friday. The stock has a market cap of $2.51 billion, a PE ratio of -32.45 and a beta of 2.08. Butterfly Network, Inc. has a 12-month low of $1.87 and a 12-month high of $10.05. The company has a 50-day moving average of $8.11 and a 200 day moving average of $6.29.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.03. The business had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on BFLY shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a research note on Monday, August 3rd. TD Cowen reaffirmed a "buy" rating and set a $10.00 price objective on shares of Butterfly Network in a report on Friday, September 11th. Finally, Needham & Company LLC initiated coverage on shares of Butterfly Network in a research report on Tuesday. They issued a "buy" rating and a $10.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $7.25.

Trending Headlines about Butterfly Network

Here are the key news stories impacting Butterfly Network this week:

• Positive Sentiment: Needham initiated coverage with a Buy rating and a $10 price target, providing fresh analyst support and suggesting additional upside from recent trading levels. Needham Initiates Butterfly Network at Buy With $10 Price Target
• Positive Sentiment: Institutional interest is reportedly increasing, with hedge fund holdings more than doubling in the latest coverage. That trend may reinforce investor confidence in Butterfly’s growth prospects and help explain the stock’s recent strength. Butterfly Network Gets New Buy Recommendation
• Positive Sentiment: Shares surged on above-average volume following the analyst upgrade, indicating strong market participation rather than a move driven solely by thin trading. Butterfly Network Surges 22 Percent
• Neutral Sentiment: Recent momentum may face a near-term hurdle from earnings-estimate trends. Zacks noted that the latest revisions may not support continued gains, creating a potential source of volatility despite the bullish analyst initiation. Zacks Butterfly Network Analysis
• Negative Sentiment: CEO Joseph DeVivo sold a combined 5,980 shares at approximately $10 per share. However, the sales reduced his direct ownership by only 0.08% and were executed under a Rule 10b5-1 plan, making them a relatively weak bearish signal. SEC Insider Transaction Filing

Insider Activity at Butterfly Network

In other news, insider Steve Cashman sold 140,112 shares of Butterfly Network stock in a transaction on Friday, September 4th. The stock was sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the transaction, the insider owned 1,490,295 shares in the company, valued at $10,879,153.50. The trade was a 8.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Louise Phanstiel purchased 115,200 shares of the stock in a transaction dated Friday, August 14th. The shares were purchased at an average cost of $8.68 per share, for a total transaction of $999,936.00. Following the transaction, the director owned 300,461 shares in the company, valued at approximately $2,608,001.48. The trade was a 62.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 4,749,549 shares of company stock valued at $32,279,460 in the last three months. Company insiders own 21.99% of the company's stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company's product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.

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