Janus Henderson Group PLC Makes New Investment in Butterfly Network, Inc. $BFLY

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

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after acquiring an additional 453,258 shares during the period. ARK Investment Management LLC increased its stake in Butterfly Network by 1.6% in the fourth quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock valued at $23,729,000 after acquiring an additional 99,079 shares during the period. Geode Capital Management LLC raised its position in Butterfly Network by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after purchasing an additional 75,243 shares in the last quarter. AWM Investment Company Inc. raised its position 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. Finally, First Light Asset Management LLC lifted its stake in Butterfly Network by 149.3% during the fourth quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock worth $10,686,000 after purchasing an additional 1,684,133 shares during the period. Institutional investors and hedge funds own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

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

Butterfly Network Stock Up 10.0%

Shares of Butterfly Network stock opened at $9.71 on Tuesday. Butterfly Network, Inc. has a 12-month low of $1.34 and a 12-month high of $10.05. The stock has a market capitalization of $2.59 billion, a P/E ratio of -33.48 and a beta of 2.09. The company has a 50-day simple moving average of $7.16 and a 200 day simple moving average of $5.19.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.03. The firm had revenue of $32.61 million for the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. On average, equities analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Activity

In other Butterfly Network news, CAO Megan Carlson sold 68,852 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $7.86, for a total value of $541,176.72. Following the transaction, the chief accounting officer owned 425,889 shares of the company’s stock, valued at approximately $3,347,487.54. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Victor Ku sold 48,540 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $6.56, for a total value of $318,422.40. Following the sale, the chief technology officer owned 1,015,099 shares in the company, valued at $6,659,049.44. The trade was a 4.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 4,909,059 shares of company stock worth $32,193,361. 21.99% of the stock is currently owned by insiders.

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.