Insider Selling: Butterfly Network, Inc. (NYSE:BFLY) EVP Sells 65,456 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) EVP Heather C. Getz sold 65,456 shares of the company’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $2.20, for a total transaction of $144,003.20. Following the completion of the transaction, the executive vice president now owns 2,919,274 shares of the company’s stock, valued at $6,422,402.80. This represents a 2.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Butterfly Network Stock Performance

Shares of NYSE:BFLY opened at $2.23 on Friday. Butterfly Network, Inc. has a one year low of $0.82 and a one year high of $4.98. The stock has a market capitalization of $541.72 million, a price-to-earnings ratio of -4.85 and a beta of 2.59. The company has a 50-day simple moving average of $2.44 and a 200-day simple moving average of $3.07.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.03. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The firm had revenue of $21.23 million during the quarter, compared to the consensus estimate of $21.16 million. As a group, research analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently modified their holdings of the stock. First Light Asset Management LLC purchased a new position in Butterfly Network during the 4th quarter worth $12,463,000. Capital World Investors acquired a new position in shares of Butterfly Network during the fourth quarter worth about $4,239,000. Vanguard Group Inc. raised its holdings in Butterfly Network by 15.6% during the first quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company’s stock worth $19,605,000 after purchasing an additional 1,161,647 shares in the last quarter. ARK Investment Management LLC lifted its position in Butterfly Network by 16.8% in the first quarter. ARK Investment Management LLC now owns 7,023,980 shares of the company’s stock valued at $16,015,000 after purchasing an additional 1,012,460 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Butterfly Network in the 4th quarter valued at approximately $3,154,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BFLY. Lake Street Capital reduced their target price on Butterfly Network from $5.00 to $4.00 and set a “buy” rating for the company in a report on Monday, May 5th. William Blair initiated coverage on Butterfly Network in a report on Monday, March 17th. They issued an “outperform” rating for the company.

Butterfly Network Company Profile

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.