Insider Selling: Butterfly Network (NYSE:BFLY) CTO Sells $318,422.40 in Stock

Butterfly Network, Inc. (NYSE:BFLY) CTO Victor Ku sold 48,540 shares of the business’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $6.56, for a total transaction of $318,422.40. Following the sale, the chief technology officer owned 1,015,099 shares of the company’s stock, valued at $6,659,049.44. This trade represents a 4.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Victor Ku also recently made the following trade(s):

• On Tuesday, July 7th, Victor Ku sold 35,649 shares of Butterfly Network stock. The shares were sold at an average price of $7.87, for a total transaction of $280,557.63.

Butterfly Network Trading Up 16.9%

Butterfly Network stock opened at $8.30 on Friday. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of -27.67 and a beta of 2.05. The firm’s fifty day moving average price is $6.61 and its two-hundred day moving average price is $4.99. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $9.69.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.02. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The company had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. On average, research analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Institutional Trading of Butterfly Network

Several institutional investors have recently made changes to their positions in BFLY. KBC Group NV purchased a new stake in shares of Butterfly Network in the first quarter valued at about $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the third quarter worth about $25,000. BNP Paribas Financial Markets boosted its holdings in Butterfly Network by 707.2% during the second 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 during the last quarter. ExodusPoint Capital Management LP bought a new stake in Butterfly Network in the 4th quarter worth about $38,000. Finally, Sfmg LLC purchased a new stake in Butterfly Network in the 4th quarter valued at about $39,000. Institutional investors own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued 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 issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.56.

About Butterfly Network

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.