Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells 659,913 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 659,913 shares of the firm’s stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of $6.47, for a total transaction of $4,269,637.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Stock Performance

Shares of Butterfly Network stock traded down $0.07 during trading hours on Tuesday, reaching $7.00. 1,073,241 shares of the company were exchanged, compared to its average volume of 6,674,980. The firm has a market cap of $1.78 billion, a PE ratio of -23.32 and a beta of 2.05. Butterfly Network, Inc. has a 1 year low of $1.32 and a 1 year high of $9.69. The stock’s fifty day moving average is $6.42 and its 200 day moving average is $4.92.

Butterfly Network (NYSE:BFLY) last released its 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. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The firm had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. Research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $5.56.

Institutional Trading of Butterfly Network

Institutional investors have recently bought and sold shares of the business. KBC Group NV acquired a new position in shares of Butterfly Network during the 1st quarter worth about $25,000. ExodusPoint Capital Management LP acquired a new stake in shares of Butterfly Network during the 4th quarter worth about $38,000. Sfmg LLC acquired a new stake in shares of Butterfly Network during the 4th quarter worth about $39,000. Sanctuary Advisors LLC purchased a new stake in Butterfly Network during the fourth quarter worth approximately $40,000. Finally, Merit Financial Group LLC acquired a new position in Butterfly Network in the fourth quarter valued at approximately $45,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.