Butterfly Network (NYSE:BFLY) Stock Price Down 7.7% on Insider Selling

Butterfly Network, Inc. (NYSE:BFLY) shares were down 7.7% on Wednesday following insider selling activity. The stock traded as low as $3.18 and last traded at $3.13. Approximately 878,647 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 4,554,776 shares. The stock had previously closed at $3.39.

Specifically, Director Jonathan M. Rothberg sold 442,539 shares of Butterfly Network stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $3.13, for a total transaction of $1,385,147.07. Following the completion of the transaction, the director directly owned 797,970 shares of the company’s stock, valued at $2,497,646.10. This trade represents a 35.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jonathan M. Rothberg sold 674,758 shares of the company’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $3.27, for a total transaction of $2,206,458.66. Following the completion of the sale, the director owned 544,894 shares in the company, valued at approximately $1,781,803.38. This trade represents a 55.32% decrease in their position. The SEC filing for this sale provides additional information. In other news, Director Jonathan M. Rothberg sold 1,110,579 shares of Butterfly Network stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $3.15, for a total transaction of $3,498,323.85. Following the completion of the transaction, the director directly owned 769,814 shares in the company, valued at approximately $2,424,914.10. This trade represents a 59.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BFLY shares. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Craig Hallum reissued a “positive” rating and issued a $2.00 target price on shares of Butterfly Network in a research note on Monday, August 4th. Oppenheimer reaffirmed a “market perform” rating on shares of Butterfly Network in a research report on Friday, August 1st. Finally, Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.00.

Butterfly Network Price Performance

The company has a 50 day moving average price of $2.33 and a two-hundred day moving average price of $2.05. The stock has a market cap of $776.75 million, a PE ratio of -9.32 and a beta of 2.65.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, October 31st. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The company had revenue of $21.49 million for the quarter, compared to analysts’ expectations of $21.23 million. Butterfly Network has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Institutional Trading of Butterfly Network

A number of large investors have recently made changes to their positions in BFLY. CIBC Bancorp USA Inc. bought a new position in Butterfly Network during the third quarter valued at approximately $40,000. Kestra Private Wealth Services LLC grew its position in Butterfly Network by 93.9% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 50,017 shares of the company’s stock worth $97,000 after purchasing an additional 24,217 shares during the period. Voleon Capital Management LP purchased a new stake in Butterfly Network during the 3rd quarter valued at $114,000. Prelude Capital Management LLC bought a new position in shares of Butterfly Network during the 3rd quarter valued at $211,000. Finally, Parkman Healthcare Partners LLC purchased a new position in shares of Butterfly Network in the 3rd quarter worth $1,162,000. 37.85% of the stock is currently owned by institutional investors.

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.