Butterfly Network (NYSE:BFLY) EVP John Doherty Sells 55,229 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) EVP John Doherty sold 55,229 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total value of $434,652.23. Following the completion of the transaction, the executive vice president directly owned 1,454,412 shares in the company, valued at $11,446,222.44. This trade represents a 3.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Down 3.5%

Shares of NYSE:BFLY opened at $7.31 on Thursday. The stock has a 50 day moving average of $5.69 and a 200 day moving average of $4.61. The company has a market cap of $1.86 billion, a PE ratio of -24.37 and a beta of 2.05. Butterfly Network, Inc. has a 12-month low of $1.32 and a 12-month high of $9.69.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $26.53 million for the quarter, compared to analysts’ expectations 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 predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.56.

Hedge Funds Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently modified their holdings of the stock. KBC Group NV purchased a new position in Butterfly Network during the first quarter valued at $25,000. Ameriprise Financial Inc. purchased a new stake in Butterfly Network in the 3rd quarter worth $25,000. BNP Paribas Financial Markets lifted its stake in Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after purchasing an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC bought a new position in shares of Butterfly Network during the 4th quarter valued at about $38,000. Finally, ExodusPoint Capital Management LP bought a new position in shares of Butterfly Network during the 4th quarter valued at about $38,000. Institutional investors own 37.85% of the company’s stock.

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.