Butterfly Network (NYSE:BFLY) Insider Steve Cashman Sells 104,781 Shares

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 104,781 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $4.96, for a total transaction of $519,713.76. Following the transaction, the insider owned 1,925,087 shares of the company’s stock, valued at $9,548,431.52. This represents a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, June 8th, Steve Cashman sold 294,680 shares of Butterfly Network stock. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80.

Butterfly Network Stock Performance

Shares of Butterfly Network stock opened at $5.11 on Wednesday. The firm has a 50-day simple moving average of $4.56 and a two-hundred day simple moving average of $3.98. 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 fifty-two week low of $1.32 and a fifty-two week high of $5.72.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $26.53 million during 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%. Equities research analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Institutional Trading of Butterfly Network

A number of hedge funds have recently bought and sold shares of BFLY. Invesco Ltd. acquired a new stake in Butterfly Network in the 1st quarter valued at about $85,000. Goldman Sachs Group Inc. raised its holdings in Butterfly Network by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after acquiring an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Butterfly Network by 9,055.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after acquiring an additional 91,012 shares during the last quarter. Legal & General Group Plc raised its holdings in Butterfly Network by 136.5% in the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after acquiring an additional 119,455 shares during the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of Butterfly Network in the 2nd quarter valued at approximately $475,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Analyst Ratings Changes

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

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.