Butterfly Network (NYSE:BFLY) Director Sells $7,892,656.20 in Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 1,195,857 shares of the business’s stock in a transaction dated Friday, July 17th. The shares were sold at an average price of $6.60, for a total value of $7,892,656.20. Following the completion of the transaction, the director owned 54,143 shares in the company, valued at $357,343.80. This trade represents a 95.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Trading Up 16.9%

NYSE:BFLY opened at $8.30 on Friday. The firm has a market cap of $2.11 billion, a P/E ratio of -27.67 and a beta of 2.05. The stock’s 50 day simple moving average is $6.61 and its 200-day simple moving average is $4.99. Butterfly Network, Inc. has a 12-month low of $1.32 and a 12-month high of $9.69.

Butterfly Network (NYSE:BFLY) last released its quarterly 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 return on equity of 34.41% and a negative net margin of 73.63%.The business had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million. Research analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Butterfly Network presently has a consensus rating of “Hold” and a consensus price target of $5.56.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. KBC Group NV purchased a new stake in shares of Butterfly Network during the 1st quarter worth approximately $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network in the 3rd quarter valued at approximately $25,000. BNP Paribas Financial Markets raised 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 purchased a new stake in Butterfly Network during the fourth quarter worth $38,000. Finally, Sfmg LLC acquired a new stake in Butterfly Network in the fourth quarter valued at $39,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.