Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells 123,354 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 123,354 shares of Butterfly Network stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $3.08, for a total value of $379,930.32. Following the completion of the sale, the director directly owned 132,622 shares in the company, valued at approximately $408,475.76. This represents a 48.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Butterfly Network Stock Performance

NYSE BFLY traded down $0.08 during trading hours on Friday, hitting $3.00. 4,075,836 shares of the company traded hands, compared to its average volume of 4,561,323. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $4.98. The business’s 50-day moving average is $2.53 and its 200-day moving average is $2.10. The stock has a market capitalization of $757.80 million, a price-to-earnings ratio of -9.09 and a beta of 2.34.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The firm had revenue of $21.49 million for the quarter, compared to analyst estimates of $21.23 million. Analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC bought a new stake in Butterfly Network in the 2nd quarter worth about $25,000. CTC Alternative Strategies Ltd. purchased a new stake in Butterfly Network in the 1st quarter worth about $29,000. Ameriprise Financial Inc. bought a new stake in shares of Butterfly Network in the third quarter valued at approximately $25,000. Deutsche Bank AG bought a new stake in Butterfly Network during the 1st quarter valued at $31,000. Finally, BNP Paribas Financial Markets lifted its holdings in Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after purchasing an additional 14,244 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BFLY. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.00.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.