Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells $7,781,794.36 in Stock

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

Butterfly Network Stock Up 16.9%

Shares of NYSE BFLY opened at $8.30 on Friday. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of -27.67 and a beta of 2.05. The stock’s fifty day simple moving average is $6.61 and its 200 day simple moving average is $4.99. Butterfly Network, Inc. has a 52-week low of $1.32 and a 52-week high of $9.69.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. As a group, analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Institutional Trading of Butterfly Network

Several hedge funds and other institutional investors have recently modified their holdings of BFLY. Vanguard Group Inc. grew its holdings in shares of Butterfly Network by 4.3% during the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after buying an additional 453,258 shares in the last quarter. ARK Investment Management LLC lifted its stake in Butterfly Network by 1.6% in the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock worth $23,729,000 after acquiring an additional 99,079 shares in the last quarter. Geode Capital Management LLC lifted its stake in Butterfly Network by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after acquiring an additional 75,243 shares in the last quarter. Bank of America Corp DE boosted its position in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after acquiring an additional 1,728,938 shares during the period. Finally, AWM Investment Company Inc. grew its stake in Butterfly Network by 750.0% during the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock valued at $12,920,000 after acquiring an additional 3,000,000 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price 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.