Keenan LLC Takes Position in Butterfly Network, Inc. $BFLY

Keenan LLC acquired a new position in shares of Butterfly Network, Inc. (NYSE:BFLY) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 89,175 shares of the company’s stock, valued at approximately $339,000. Butterfly Network accounts for approximately 19.4% of Keenan LLC’s holdings, making the stock its 3rd biggest holding.

A number of other hedge funds have also bought and sold shares of BFLY. AWM Investment Company Inc. increased its holdings in Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after purchasing an additional 3,000,000 shares in the last quarter. First Light Asset Management LLC boosted its holdings in shares of Butterfly Network by 149.3% during the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock worth $10,686,000 after buying an additional 1,684,133 shares in the last quarter. Sei Investments Co. acquired a new stake in shares of Butterfly Network during the 2nd quarter worth approximately $2,183,000. Deutsche Bank AG grew its position in shares of Butterfly Network by 156.7% during the 4th quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock worth $6,279,000 after buying an additional 1,008,556 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Butterfly Network by 126.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,801,081 shares of the company’s stock valued at $6,844,000 after acquiring an additional 1,006,095 shares in the last quarter. Institutional investors own 37.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BFLY. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Loop Capital set a $5.50 price target on shares of Butterfly Network in a report on Monday, March 2nd. TD Cowen upped their price objective on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Butterfly Network currently has a consensus rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Trading Up 55.0%

Shares of NYSE:BFLY opened at $8.85 on Friday. The stock’s fifty day simple moving average is $4.84 and its two-hundred day simple moving average is $4.13. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $8.94. The stock has a market cap of $2.25 billion, a PE ratio of -29.50 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The company had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80. Following the completion of the sale, the insider owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.