Janus Henderson Group PLC Acquires New Holdings in Butterfly Network, Inc. $BFLY

Key Points

• Janus Henderson Group initiated a position in Butterfly Network during the first quarter, purchasing 110,600 shares valued at approximately $446,000. Other institutional investors also added stakes, with institutions collectively owning 37.85% of the company.
• Analyst sentiment remains mixed, resulting in an average “Hold” rating and a consensus price target of $5.56. Weiss Ratings separately reiterated a “sell (D-)” rating.
• Butterfly Network reported quarterly revenue of $32.61 million and an adjusted loss of $0.01 per share, beating analyst expectations. Shares opened at $9.71 after rising 10%, while insiders sold roughly 4.9 million shares worth $32.2 million over the prior 90 days.

Janus Henderson Group PLC bought a new position in Butterfly Network, Inc. (NYSE:BFLY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 110,600 shares of the company's stock, valued at approximately $446,000.

A number of other large investors have also recently added to or reduced their stakes in BFLY. Ameriprise Financial Inc. bought a new position in shares of Butterfly Network in the third quarter valued at approximately $25,000. KBC Group NV bought a new stake in shares of Butterfly Network during the 1st quarter worth $25,000. BNP Paribas Financial Markets grew its stake in Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock valued at $33,000 after buying an additional 14,244 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in Butterfly Network in the 4th quarter valued at $38,000. Finally, Sfmg LLC bought a new position in Butterfly Network in the 4th quarter worth $39,000. Institutional investors own 37.85% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $5.56.

Butterfly Network Trading Up 10.0%

Shares of Butterfly Network stock opened at $9.71 on Tuesday. Butterfly Network, Inc. has a 1 year low of $1.34 and a 1 year high of $10.05. The company's fifty day simple moving average is $7.16 and its 200-day simple moving average is $5.19. The company has a market cap of $2.59 billion, a price-to-earnings ratio of -33.48 and a beta of 2.09.

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

Insider Activity at Butterfly Network

In related news, CAO Megan Carlson sold 68,852 shares of Butterfly Network stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72. Following the sale, the chief accounting officer directly owned 425,889 shares of the company's stock, valued at $3,347,487.54. This trade represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph Devivo sold 211,798 shares of the business's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $6.56, for a total value of $1,389,394.88. Following the transaction, the chief executive officer owned 7,672,046 shares in the company, valued at $50,328,621.76. This represents a 2.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 4,909,059 shares of company stock worth $32,193,361. Insiders own 21.99% of the company's stock.

Butterfly Network Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company's flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.

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