DNB Asset Management AS Grows Stock Position in Butterfly Network, Inc. $BFLY

DNB Asset Management AS raised its holdings in Butterfly Network, Inc. (NYSE:BFLY) by 116.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 780,335 shares of the company’s stock after buying an additional 419,197 shares during the quarter. DNB Asset Management AS’s holdings in Butterfly Network were worth $2,965,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Butterfly Network by 4.3% in the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after purchasing an additional 453,258 shares during the period. Raymond James Financial Inc. increased its holdings in shares of Butterfly Network by 10.1% in the second quarter. Raymond James Financial Inc. now owns 1,218,878 shares of the company’s stock valued at $2,438,000 after purchasing an additional 111,699 shares during the period. Sei Investments Co. increased its holdings in shares of Butterfly Network by 4.6% in the third quarter. Sei Investments Co. now owns 1,142,049 shares of the company’s stock valued at $2,204,000 after purchasing an additional 50,376 shares during the period. Bank of America Corp DE increased its holdings in shares of Butterfly Network by 95.3% in the second quarter. Bank of America Corp DE now owns 938,622 shares of the company’s stock valued at $1,877,000 after purchasing an additional 458,039 shares during the period. Finally, Perkins Capital Management Inc. increased its holdings in shares of Butterfly Network by 213.0% in the third quarter. Perkins Capital Management Inc. now owns 924,280 shares of the company’s stock valued at $1,784,000 after purchasing an additional 629,020 shares during the period. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BFLY. TD Cowen increased their price objective on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Lake Street Capital increased their price objective on Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a report on Tuesday, January 20th. Craig Hallum reissued a “buy” rating and issued a $5.25 price objective on shares of Butterfly Network in a report on Wednesday, January 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Finally, Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.56.

Butterfly Network Stock Up 7.2%

Butterfly Network stock opened at $4.12 on Wednesday. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -13.72 and a beta of 2.27. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $5.72. The business’s 50-day moving average price is $4.36 and its 200 day moving average price is $3.73.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $26.53 million for the quarter, compared to analyst estimates of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. Equities analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Butterfly Network Company 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.