Butterfly Network (NYSE:BFLY) Director Jonathan Rothberg Sells 1,177,276 Shares

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 1,177,276 shares of Butterfly Network stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $6.61, for a total value of $7,781,794.36. Following the transaction, the director owned 72,724 shares in the company, valued at approximately $480,705.64. The trade was a 94.18% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Stock Down 1.0%

Shares of BFLY traded down $0.07 during midday trading on Tuesday, reaching $7.00. The company had a trading volume of 1,073,241 shares, compared to its average volume of 6,674,980. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $9.69. The firm has a 50 day simple moving average of $6.42 and a 200-day simple moving average of $4.92. The stock has a market cap of $1.78 billion, a PE ratio of -23.32 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The firm had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. As a group, sell-side analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. KBC Group NV purchased a new position in shares of Butterfly Network during the 1st quarter worth $25,000. Ameriprise Financial Inc. acquired a new stake in shares of Butterfly Network during the 3rd quarter worth about $25,000. BNP Paribas Financial Markets raised its holdings in Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after buying an additional 14,244 shares during the period. ExodusPoint Capital Management LP purchased a new stake in Butterfly Network in the 4th quarter valued at about $38,000. Finally, Sfmg LLC acquired a new position in Butterfly Network in the fourth quarter valued at about $39,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note 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, Butterfly Network has a consensus rating of “Hold” and an average price target of $5.56.

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.