Lord Abbett & CO. LLC Invests $3.23 Million in Butterfly Network, Inc. $BFLY

Key Points

• Lord Abbett & CO. LLC invested $3.23 million in Butterfly Network, acquiring 1,414,475 shares and representing 0.57% of the company.
• Institutional ownership in Butterfly Network stands at 37.85%, with notable investments from Vanguard Group and ARK Investment Management increasing their stakes in the 1st quarter.
• The company's recent earnings report showed a smaller-than-expected loss of ($0.06) per share, with revenue at $23.38 million, slightly below analysts' predictions.

Lord Abbett & CO. LLC purchased a new stake in Butterfly Network, Inc. (NYSE:BFLY - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,414,475 shares of the company's stock, valued at approximately $3,225,000. Lord Abbett & CO. LLC owned about 0.57% of Butterfly Network as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Butterfly Network by 15.6% in the 1st quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company's stock worth $19,605,000 after acquiring an additional 1,161,647 shares during the last quarter. ARK Investment Management LLC boosted its position in shares of Butterfly Network by 16.8% during the 1st quarter. ARK Investment Management LLC now owns 7,023,980 shares of the company's stock valued at $16,015,000 after acquiring an additional 1,012,460 shares during the last quarter. First Light Asset Management LLC purchased a new stake in shares of Butterfly Network in the fourth quarter valued at about $12,463,000. Geode Capital Management LLC increased its position in Butterfly Network by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company's stock worth $5,470,000 after purchasing an additional 30,828 shares during the last quarter. Finally, Capital World Investors purchased a new position in Butterfly Network during the fourth quarter worth about $4,239,000. Institutional investors and hedge funds own 37.85% of the company's stock.

Wall Street Analyst Weigh In

BFLY has been the topic of several research analyst reports. Lake Street Capital reduced their price objective on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Craig Hallum restated a "positive" rating and issued a $2.00 price objective on shares of Butterfly Network in a report on Monday, August 4th. Finally, Oppenheimer reiterated a "market perform" rating on shares of Butterfly Network in a report on Friday, August 1st. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $3.00.

Butterfly Network Price Performance

Shares of NYSE BFLY traded down $0.0150 during midday trading on Thursday, hitting $1.3950. 1,001,327 shares of the company's stock were exchanged, compared to its average volume of 3,848,520. The firm's fifty day simple moving average is $1.82 and its 200-day simple moving average is $2.48. The company has a market cap of $351.18 million, a PE ratio of -4.98 and a beta of 2.45. Butterfly Network, Inc. has a twelve month low of $0.90 and a twelve month high of $4.98.

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

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.