Butterfly Network, Inc. (NYSE:BFLY) Insider Steve Cashman Sells 164,079 Shares

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 164,079 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $502,081.74. Following the completion of the sale, the insider now directly owns 1,835,921 shares of the company’s stock, valued at $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Butterfly Network Stock Up 9.3 %

Butterfly Network stock traded up $0.29 during trading hours on Thursday, hitting $3.40. The stock had a trading volume of 2,523,697 shares, compared to its average volume of 2,125,981. The company has a 50-day moving average of $2.76 and a two-hundred day moving average of $1.79. Butterfly Network, Inc. has a fifty-two week low of $0.67 and a fifty-two week high of $3.78. The company has a market cap of $724.41 million, a PE ratio of -7.39 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The firm had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. During the same quarter in the previous year, the company earned ($0.13) earnings per share. As a group, analysts forecast that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its holdings in Butterfly Network by 4.0% during the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after purchasing an additional 65,425 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Butterfly Network by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock valued at $1,691,000 after buying an additional 35,800 shares in the last quarter. XTX Topco Ltd grew its position in Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after acquiring an additional 226,781 shares during the period. Renaissance Technologies LLC raised its stake in Butterfly Network by 46.5% during the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after acquiring an additional 108,944 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after acquiring an additional 248,201 shares during the period. Institutional investors and hedge funds own 37.85% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital began coverage on shares of Butterfly Network in a report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price target for the company.

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.