Steve Cashman Sells 294,680 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 294,680 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the completion of the transaction, the insider owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This represents a 15.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Friday, June 5th, Steve Cashman sold 104,781 shares of Butterfly Network stock. The stock was sold at an average price of $4.96, for a total transaction of $519,713.76.

Butterfly Network Stock Up 7.0%

Shares of NYSE BFLY traded up $0.33 during midday trading 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 business’s 50 day moving average is $4.53 and its 200-day moving average is $3.96. The company has a market cap of $1.30 billion, a P/E ratio of -17.04 and a beta of 2.22. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $5.72.

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

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BFLY. KBC Group NV bought a new position in Butterfly Network during the first quarter valued at approximately $25,000. Ameriprise Financial Inc. bought a new position in Butterfly Network during the third quarter valued at approximately $25,000. BNP Paribas Financial Markets lifted 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 during the period. Wisconsin Wealth Advisors LLC bought a new position in Butterfly Network during the fourth quarter valued at approximately $38,000. Finally, ExodusPoint Capital Management LP bought a new position in Butterfly Network during the fourth quarter valued at approximately $38,000. Institutional investors own 37.85% of the company’s stock.

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.