Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells 37,598 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 37,598 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $3.07, for a total value of $115,425.86. Following the sale, the director directly owned 543,601 shares of the company’s stock, valued at approximately $1,668,855.07. This represents a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Butterfly Network Stock Up 2.8%

BFLY stock traded up $0.09 on Monday, reaching $3.15. 8,798,580 shares of the company’s stock were exchanged, compared to its average volume of 6,238,916. The stock has a fifty day moving average of $2.46 and a 200-day moving average of $2.08. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $4.98. The firm has a market cap of $794.43 million, a PE ratio of -9.53 and a beta of 2.34.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $21.23 million. On average, equities research analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC acquired a new position in shares of Butterfly Network during the second quarter worth about $25,000. CTC Alternative Strategies Ltd. purchased a new position in shares of Butterfly Network in the first quarter valued at $29,000. Ameriprise Financial Inc. acquired a new position in Butterfly Network in the 3rd quarter worth $25,000. Deutsche Bank AG acquired a new stake in shares of Butterfly Network during the first quarter valued at about $31,000. Finally, BNP Paribas Financial Markets increased its position 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 worth $33,000 after acquiring an additional 14,244 shares during the last quarter. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Analyst Ratings Changes

BFLY has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Three 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.