Butterfly Network (NYSE:BFLY) Insider Steve Cashman Sells 140,112 Shares

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 140,112 shares of Butterfly Network stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $7.30, for a total value of $1,022,817.60. Following the completion of the transaction, the insider owned 1,490,295 shares of the company’s stock, valued at $10,879,153.50. This trade represents a 8.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Down 0.5%

NYSE BFLY traded down $0.04 on Wednesday, hitting $7.49. 4,119,469 shares of the stock traded hands, compared to its average volume of 6,539,678. The stock has a 50-day moving average of $8.02 and a 200 day moving average of $5.91. Butterfly Network, Inc. has a twelve month low of $1.47 and a twelve month high of $10.05. The company has a market capitalization of $1.99 billion, a P/E ratio of -25.81 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%.The company had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.16 million. As a group, equities research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.56.

Hedge Funds Weigh In On Butterfly Network

A number of large investors have recently bought and sold shares of BFLY. Engineers Gate Manager LP bought a new position in shares of Butterfly Network during the second quarter valued at approximately $595,000. Squarepoint Ops LLC lifted its holdings in shares of Butterfly Network by 27.0% in the 2nd quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock worth $3,792,000 after purchasing an additional 95,850 shares during the last quarter. Corient Private Wealth LP bought a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $156,000. HighTower Advisors LLC boosted its position in Butterfly Network by 11.5% during the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock valued at $172,000 after purchasing an additional 2,110 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Butterfly Network during the 2nd quarter valued at approximately $100,000. Institutional investors own 37.85% of the company’s stock.

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.