Keenan LLC Takes $339,000 Position in Butterfly Network, Inc. $BFLY

Keenan LLC bought a new position in shares of Butterfly Network, Inc. (NYSE:BFLY) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 89,175 shares of the company’s stock, valued at approximately $339,000.

A number of other institutional investors have also recently added to or reduced their stakes in BFLY. Invesco Ltd. raised its stake in shares of Butterfly Network by 18.5% during the fourth quarter. Invesco Ltd. now owns 387,881 shares of the company’s stock valued at $1,474,000 after acquiring an additional 60,538 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Butterfly Network in the fourth quarter valued at $72,000. Skyview Financial Group LLC acquired a new stake in Butterfly Network in the fourth quarter valued at $1,054,000. XTX Topco Ltd bought a new position in Butterfly Network during the 4th quarter worth $521,000. Finally, Stoic Point Capital Management LLC bought a new position in Butterfly Network during the 4th quarter worth $2,849,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network News Roundup

Here are the key news stories impacting Butterfly Network this week:

• Positive Sentiment: Butterfly said Midjourney Medical’s scanner prototype uses 40 Butterfly Ultrasound-on-Chip imaging modules per system, highlighting a potentially meaningful licensing and commercialization opportunity. Butterfly Network Provides Commentary on Midjourney Medical’s Full Body Ultrasound Scanner Announcement
• Positive Sentiment: News coverage says BFLY surged on the Midjourney scanner launch, with traders reacting to the company’s connection to a high-profile AI medical imaging project. Butterfly Network surges as Midjourney unveils full-body scanner
• Positive Sentiment: The stock has also shown unusually heavy call-option activity, suggesting traders are positioning for further upside on momentum.
• Neutral Sentiment: Butterfly has been listed among the NYSE’s top gainers for multiple days, reinforcing the strength of the recent move rather than signaling a new operational update. AI Medical Tech Stock Butterfly Network (NYSE: BFLY) Makes NYSE Top Gainer List Two Days in a Row
• Negative Sentiment: Despite the excitement, one Zacks note warned that recent earnings estimate revisions do not point to additional fundamental strength, hinting the rally may be ahead of near-term earnings support. Butterfly Network (BFLY) Soars 55.9%: Is Further Upside Left in the Stock?

Analyst Upgrades and Downgrades

BFLY has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. TD Cowen lifted their price objective on Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Finally, Loop Capital set a $5.50 target price on Butterfly Network in a report on Monday, March 2nd. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.56.

Butterfly Network Stock Down 0.6%

Shares of NYSE BFLY opened at $8.85 on Friday. The company has a market capitalization of $2.25 billion, a PE ratio of -29.50 and a beta of 2.22. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $8.94. The firm has a fifty day simple moving average of $4.93 and a 200 day simple moving average of $4.16.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. As a group, equities analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the sale, the insider owned 1,630,407 shares in the company, valued at $7,597,696.62. This represents a 15.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 21.99% of the stock is currently owned by insiders.

About Butterfly Network

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.