Steve Cashman Sells 140,112 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 140,112 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the transaction, the insider directly owned 1,490,295 shares in the company, valued at approximately $10,879,153.50. The trade was a 8.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Down 4.7%

Shares of NYSE:BFLY opened at $7.11 on Friday. Butterfly Network, Inc. has a 1 year low of $1.47 and a 1 year high of $10.05. The firm has a fifty day moving average price of $8.00 and a 200 day moving average price of $5.97. The stock has a market capitalization of $1.89 billion, a PE ratio of -24.51 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $5.56.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of BFLY. AWM Investment Company Inc. lifted its position 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 in the last quarter. California State Teachers Retirement System grew its holdings in Butterfly Network by 18,362.3% during the 2nd quarter. California State Teachers Retirement System now owns 1,957,928 shares of the company’s stock worth $16,486,000 after acquiring an additional 1,947,323 shares during the period. Bank of America Corp DE lifted its stake in shares of Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares during the period. First Light Asset Management LLC lifted its stake in Butterfly Network by 149.3% in the fourth quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock valued at $10,686,000 after buying an additional 1,684,133 shares during the period. Finally, Sei Investments Co. acquired a new stake in shares of Butterfly Network in the 2nd quarter valued at approximately $2,183,000. 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.