Butterfly Network (NYSE:BFLY) Director Sells 1,195,857 Shares

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 1,195,857 shares of Butterfly Network stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $6.60, for a total transaction of $7,892,656.20. Following the completion of the transaction, the director owned 54,143 shares of the company’s stock, valued at $357,343.80. This trade represents a 95.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Stock Down 1.0%

Butterfly Network stock traded down $0.07 during mid-day trading on Tuesday, reaching $7.00. 1,073,241 shares of the company’s stock were exchanged, compared to its average volume of 6,674,980. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $9.69. The company has a market cap of $1.78 billion, a P/E ratio of -23.28 and a beta of 2.05. The company has a fifty day moving average of $6.42 and a 200-day moving average of $4.92.

Butterfly Network (NYSE:BFLY) last posted its quarterly 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 business had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. Equities research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $5.56.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Butterfly Network by 4.3% during the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after purchasing an additional 453,258 shares in the last quarter. ARK Investment Management LLC raised 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 buying an additional 99,079 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Butterfly Network by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after buying an additional 75,243 shares during the last quarter. Bank of America Corp DE lifted its holdings in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after buying an additional 1,728,938 shares during the last quarter. Finally, AWM Investment Company Inc. lifted its holdings in Butterfly Network by 750.0% during the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after buying an additional 3,000,000 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.