Butterfly Network (NYSE:BFLY) Director Sells 753,320 Shares

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 753,320 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $6.74, for a total transaction of $5,077,376.80. Following the sale, the director owned 496,680 shares in the company, valued at approximately $3,347,623.20. This trade represents a 60.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Stock Down 1.0%

Shares of NYSE BFLY traded down $0.07 during mid-day trading on Tuesday, reaching $7.00. 1,073,241 shares of the company were exchanged, compared to its average volume of 6,674,980. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $9.69. The company’s 50 day moving average price is $6.42 and its 200 day moving average price is $4.92. The stock has a market capitalization of $1.78 billion, a PE ratio of -23.32 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The business had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. On average, sell-side analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Hedge Funds Weigh In On Butterfly Network

A number of large investors have recently added to or reduced their stakes in BFLY. KBC Group NV bought a new stake in Butterfly Network in the first quarter worth $25,000. Ameriprise Financial Inc. bought a new position in shares of Butterfly Network during the third quarter valued at about $25,000. BNP Paribas Financial Markets grew its stake in shares of 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 buying an additional 14,244 shares during the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Butterfly Network in the fourth quarter worth about $38,000. Finally, Sfmg LLC purchased a new position in shares of Butterfly Network in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Wall Street Analysts Forecast Growth

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