First Light Asset Management LLC Increases Holdings in Butterfly Network, Inc. $BFLY

Key Points

• First Light Asset Management LLC increased its holdings in Butterfly Network, Inc. by 37.8%, acquiring a total of 5,505,649 shares, which now constitute 1.4% of its portfolio.
• Butterfly Network reported a revenue of $23.38 million in its last quarter, slightly missing analyst expectations, and has set a negative EPS forecast of -0.35 for the current year.
• The stock's current price is $1.62, and analysts have a consensus price target of $3.00, indicating a generally favorable outlook despite varied ratings from different firms.

First Light Asset Management LLC boosted its holdings in Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 37.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,505,649 shares of the company's stock after acquiring an additional 1,511,029 shares during the quarter. Butterfly Network accounts for about 1.4% of First Light Asset Management LLC's investment portfolio, making the stock its 21st largest position. First Light Asset Management LLC owned 2.23% of Butterfly Network worth $12,553,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its stake in Butterfly Network by 15.7% in 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 during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Butterfly Network by 33.0% in the 1st quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company's stock worth $46,000 after purchasing an additional 5,010 shares in the last quarter. Ground Swell Capital LLC purchased a new position in shares of Butterfly Network in the 4th quarter worth about $32,000. Total Wealth Planning & Management Inc. purchased a new position in shares of Butterfly Network in the 1st quarter worth about $25,000. Finally, TradeLink Capital LLC purchased a new position in shares of Butterfly Network in the 1st quarter worth about $25,000. 37.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman acquired 50,000 shares of the company's stock in a transaction on Monday, August 25th. The stock was acquired at an average price of $1.64 per share, for a total transaction of $82,000.00. Following the acquisition, the insider owned 2,324,474 shares in the company, valued at $3,812,137.36. This represents a 2.20% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 25.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BFLY. Oppenheimer reiterated 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 target price on shares of Butterfly Network in a report on Monday, August 4th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $3.00.

Butterfly Network Trading Up 1.6%

NYSE BFLY traded up $0.03 on Friday, hitting $1.56. The company's stock had a trading volume of 1,545,844 shares, compared to its average volume of 3,105,032. Butterfly Network, Inc. has a 52-week low of $1.32 and a 52-week high of $4.98. The company's 50-day simple moving average is $1.68 and its 200 day simple moving average is $2.24. The firm has a market cap of $391.46 million, a P/E ratio of -5.55 and a beta of 2.52.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $23.91 million. Butterfly Network has set its FY 2025 guidance at EPS. On average, research analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

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.