Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells $3,498,323.85 in Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 1,110,579 shares of the firm’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $3.15, for a total value of $3,498,323.85. Following the sale, the director directly owned 769,814 shares of the company’s stock, valued at $2,424,914.10. This represents a 59.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Butterfly Network Price Performance

Shares of BFLY opened at $3.08 on Friday. The company’s 50-day moving average is $2.35 and its 200-day moving average is $2.05. The firm has a market capitalization of $776.75 million, a PE ratio of -9.32 and a beta of 2.65. Butterfly Network, Inc. has a fifty-two week low of $1.32 and a fifty-two week high of $4.98.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, October 31st. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.02. The business had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. Butterfly Network has set its FY 2025 guidance at EPS. Analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds have recently bought and sold shares of the company. CIBC Bancorp USA Inc. bought a new stake in shares of Butterfly Network during the 3rd quarter worth approximately $40,000. Kestra Private Wealth Services LLC raised its position in Butterfly Network by 93.9% during the third quarter. Kestra Private Wealth Services LLC now owns 50,017 shares of the company’s stock valued at $97,000 after purchasing an additional 24,217 shares in the last quarter. Voleon Capital Management LP acquired a new position in Butterfly Network during the third quarter valued at approximately $114,000. Prelude Capital Management LLC bought a new stake in Butterfly Network during the third quarter worth $211,000. Finally, Parkman Healthcare Partners LLC acquired a new stake in shares of Butterfly Network in the 3rd quarter valued at $1,162,000. 37.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BFLY shares. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Craig Hallum reissued a “positive” rating and set a $2.00 target price on shares of Butterfly Network in a report on Monday, August 4th. Oppenheimer reissued a “market perform” rating on shares of Butterfly Network in a research report on Friday, August 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $3.00.

About Butterfly Network

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.