Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells $4,269,637.11 in Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 659,913 shares of the business’s stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of $6.47, for a total value of $4,269,637.11. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Trading Up 16.9%

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

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02. The company had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. As a group, equities analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Trading of Butterfly Network

Several hedge funds and other institutional investors have recently made changes to their positions in BFLY. KBC Group NV bought a new position in Butterfly Network in the 1st quarter valued at approximately $25,000. ExodusPoint Capital Management LP acquired a new stake in Butterfly Network during the 4th quarter worth approximately $38,000. Sfmg LLC bought a new stake in Butterfly Network during the 4th quarter worth approximately $39,000. Sanctuary Advisors LLC bought a new stake in Butterfly Network during the 4th quarter worth approximately $40,000. Finally, Merit Financial Group LLC acquired a new position in Butterfly Network in the 4th quarter valued at approximately $45,000. 37.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Three equities research 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’s stock. According to MarketBeat.com, Butterfly Network has an average 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.