Butterfly Network (NYSE:BFLY) CTO Victor Ku Sells 35,649 Shares

Butterfly Network, Inc. (NYSE:BFLY) CTO Victor Ku sold 35,649 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total value of $280,557.63. Following the sale, the chief technology officer owned 1,063,639 shares in the company, valued at approximately $8,370,838.93. The trade was a 3.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Stock Performance

Shares of BFLY stock opened at $7.31 on Thursday. Butterfly Network, Inc. has a fifty-two week low of $1.32 and a fifty-two week high of $9.69. The firm has a market capitalization of $1.86 billion, a PE ratio of -24.37 and a beta of 2.05. The stock’s 50-day simple moving average is $5.69 and its 200-day simple moving average is $4.61.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. Sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Institutional Trading of Butterfly Network

Hedge funds have recently modified their holdings of the stock. KBC Group NV acquired a new stake in Butterfly Network during the first quarter worth about $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the third quarter valued at approximately $25,000. BNP Paribas Financial Markets lifted its holdings in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after acquiring an additional 14,244 shares during the period. Wisconsin Wealth Advisors LLC acquired a new position in Butterfly Network in the fourth quarter valued at approximately $38,000. Finally, ExodusPoint Capital Management LP purchased a new stake in Butterfly Network in the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

BFLY has been the subject 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 reiterated 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 given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target 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.