Vanguard Group Inc. Purchases 1,161,647 Shares of Butterfly Network, Inc. $BFLY

Key Points

• Vanguard Group Inc. increased its stake in Butterfly Network, Inc. by 15.6%, now owning approximately 3.54% of the company's shares, which are valued at $19.6 million.
• Butterfly Network's stock is currently trading at $1.62, with a market cap of $406.56 million, and it has a 52-week range between $1.00 and $4.98.
• Analysts have given Butterfly Network a Moderate Buy rating, with an average target price of $3.00.

Vanguard Group Inc. raised its position in Butterfly Network, Inc. (NYSE:BFLY - Free Report) by 15.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,598,823 shares of the company's stock after purchasing an additional 1,161,647 shares during the period. Vanguard Group Inc. owned approximately 3.54% of Butterfly Network worth $19,605,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BFLY. Wealth Enhancement Advisory Services LLC raised its stake in Butterfly Network by 15.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company's stock worth $97,000 after buying an additional 4,212 shares during the period. Bank of New York Mellon Corp grew its position in Butterfly Network by 33.0% in the first quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company's stock valued at $46,000 after purchasing an additional 5,010 shares in the last quarter. Kovitz Investment Group Partners LLC increased its stake in Butterfly Network by 37.0% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company's stock valued at $107,000 after buying an additional 9,250 shares during the last quarter. Ground Swell Capital LLC acquired a new position in shares of Butterfly Network during the 4th quarter worth about $32,000. Finally, Total Wealth Planning & Management Inc. acquired a new position in shares of Butterfly Network during the 1st quarter worth about $25,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Price Performance

Shares of Butterfly Network stock traded down $0.03 during midday trading on Wednesday, reaching $1.52. The company had a trading volume of 1,722,174 shares, compared to its average volume of 3,850,646. Butterfly Network, Inc. has a fifty-two week low of $1.21 and a fifty-two week high of $4.98. The stock has a fifty day moving average price of $1.70 and a 200 day moving average price of $2.29. The firm has a market cap of $381.39 million, a PE ratio of -5.41 and a beta of 2.52.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its earnings results on Friday, August 1st. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The business 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. As a group, sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BFLY. Oppenheimer reissued 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 research note on Monday, August 4th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $3.00.

Insider Activity at Butterfly Network

In other news, insider Steve Cashman bought 50,000 shares of Butterfly Network stock in a transaction that occurred on Monday, August 25th. The shares were acquired at an average price of $1.64 per share, with a total value of $82,000.00. Following the completion of the purchase, the insider directly owned 2,324,474 shares in the company, valued at $3,812,137.36. The trade was a 2.20% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 25.18% of the stock is owned by company insiders.

About Butterfly Network

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.