Butterfly Network (NYSE:BFLY) EVP Sells 57,136 Shares

Butterfly Network, Inc. (NYSE:BFLY) EVP John Doherty sold 57,136 shares of the stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $6.56, for a total transaction of $374,812.16. Following the completion of the sale, the executive vice president owned 1,397,276 shares in the company, valued at $9,166,130.56. This represents a 3.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Stock Up 0.2%

NYSE BFLY traded up $0.01 during trading on Tuesday, reaching $7.08. 1,379,999 shares of the stock traded hands, compared to its average volume of 6,676,768. 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 cap of $1.80 billion, a price-to-earnings ratio of -23.74 and a beta of 2.05. The stock’s 50-day moving average price is $6.42 and its 200 day moving average price is $4.92.

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, topping analysts’ consensus estimates 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 company had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. Analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Key Stories Impacting Butterfly Network

Here are the key news stories impacting Butterfly Network this week:

• Positive Sentiment: Analysts are watching for continued momentum in Butterfly’s iQ3 handheld ultrasound system, Compass AI software adoption and growth in its Embedded business. Revenue is expected to increase approximately 21.5% in the second quarter, creating a potential catalyst if results and guidance meet or exceed expectations. Can AI Momentum and Embedded Growth Lift BFLY’s Q2 Results?
• Neutral Sentiment: Rothberg’s sales were conducted through pre-arranged 10b5-1 trading plans and were reportedly tied to estate planning, which reduces the likelihood that they reflect a negative view of Butterfly’s business. The company’s stock has also risen sharply over the past year, providing a possible explanation for the timing. Butterfly Network Founder Rothberg Sells Another 660,000 Shares. Should Investors Worry?
• Negative Sentiment: Rothberg sold approximately 3.79 million shares from July 17 through July 22 for about $25.0 million in total. The transactions reduced his direct ownership by roughly 95.7% from the July 17 filing and by 60.3% in the subsequent sale, leaving investors with a significant insider-selling signal and additional potential supply of shares.

Institutional Trading of Butterfly Network

Institutional investors have recently added to or reduced their stakes in the company. KBC Group NV acquired a new position in Butterfly Network in the 1st quarter valued at $25,000. Ameriprise Financial Inc. bought a new position in Butterfly Network in the third quarter valued at approximately $25,000. BNP Paribas Financial Markets raised its position in Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after purchasing an additional 14,244 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of Butterfly Network in the 4th quarter valued at $38,000. Finally, Sfmg LLC bought a new position in Butterfly Network in the fourth quarter valued at about $39,000. 37.85% of the stock is currently owned by 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.