Butterfly Network (NYSE:BFLY) Insider Sells $519,713.76 in Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 104,781 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $4.96, for a total transaction of $519,713.76. Following the completion of the transaction, the insider directly owned 1,925,087 shares in the company, valued at approximately $9,548,431.52. This represents a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Steve Cashman also recently made the following trade(s):

• On Monday, June 8th, Steve Cashman sold 294,680 shares of Butterfly Network stock. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80.

Butterfly Network Stock Up 7.0%

Shares of Butterfly Network stock traded up $0.33 on Tuesday, hitting $5.11. The stock had a trading volume of 5,421,715 shares, compared to its average volume of 5,544,334. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -17.04 and a beta of 2.22. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $5.72. The business’s 50 day moving average is $4.53 and its two-hundred day moving average is $3.96.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating 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 business had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. As a group, equities analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BFLY has been the topic of several research reports. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. TD Cowen increased their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Finally, Loop Capital set a $5.50 target price on shares of Butterfly Network in a report on Monday, March 2nd. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $5.56.

Institutional Trading of Butterfly Network

Several large investors have recently modified their holdings of BFLY. Invesco Ltd. bought a new stake in Butterfly Network during the first quarter worth about $85,000. Goldman Sachs Group Inc. boosted its position in shares of Butterfly Network by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after acquiring an additional 29,958 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Butterfly Network by 9,055.9% in the second quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after acquiring an additional 91,012 shares during the last quarter. Legal & General Group Plc raised its position in Butterfly Network by 136.5% during the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after purchasing an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers bought a new stake in Butterfly Network during the second quarter worth $475,000. 37.85% of the stock is owned by institutional investors and hedge funds.

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.