Russell Investments Group Ltd. Grows Stock Holdings in Butterfly Network, Inc. $BFLY

Key Points

• Russell Investments Group Ltd. increased its stake in Butterfly Network, acquiring a total of 695,008 shares, worth approximately $1.59 million after boosting its position by 99% in the first quarter.
• The stock currently has a consensus rating of "Moderate Buy" from analysts, with a target price of $3.00, while shares are trading around $1.58.
• Insider Steve Cashman purchased 50,000 shares on August 25 for $1.64 each, increasing his total ownership to 2,324,474 shares.

Russell Investments Group Ltd. raised its position in shares of Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 99.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 695,008 shares of the company's stock after acquiring an additional 345,672 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.28% of Butterfly Network worth $1,585,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Total Wealth Planning & Management Inc. acquired a new position in shares of Butterfly Network during the first quarter valued at approximately $25,000. TradeLink Capital LLC acquired a new position in shares of Butterfly Network during the first quarter valued at approximately $25,000. Deutsche Bank AG acquired a new position in shares of Butterfly Network during the first quarter valued at approximately $31,000. Ground Swell Capital LLC acquired a new position in shares of Butterfly Network during the fourth quarter valued at approximately $32,000. Finally, Steel Grove Capital Advisors LLC acquired a new position in shares of Butterfly Network during the first quarter valued at approximately $34,000. Institutional investors and hedge funds own 37.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Craig Hallum reissued a "positive" rating and set a $2.00 target price on shares of Butterfly Network in a report on Monday, August 4th. Lake Street Capital dropped their price target on Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, Oppenheimer restated a "market perform" rating on shares of Butterfly Network in a research report on Friday, August 1st. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Butterfly Network presently has an average rating of "Moderate Buy" and a consensus target price of $3.00.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman acquired 50,000 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was bought at an average cost of $1.64 per share, for a total transaction of $82,000.00. Following the completion of the transaction, the insider owned 2,324,474 shares of the company's stock, valued at approximately $3,812,137.36. The trade was a 2.20% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 25.18% of the company's stock.

Butterfly Network Trading Down 4.7%

Butterfly Network stock traded down $0.08 during mid-day trading on Tuesday, hitting $1.54. The company's stock had a trading volume of 4,050,704 shares, compared to its average volume of 3,251,086. The firm has a market capitalization of $386.42 million, a PE ratio of -5.48 and a beta of 2.52. Butterfly Network, Inc. has a 1 year low of $1.15 and a 1 year high of $4.98. The stock's fifty day moving average is $1.70 and its two-hundred day moving average is $2.29.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued 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. The company had revenue of $23.38 million during the quarter, compared to analyst estimates of $23.91 million. Butterfly Network had a negative return on equity of 30.53% and a negative net margin of 71.79%. Butterfly Network has set its FY 2025 guidance at EPS. On average, equities analysts expect 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.