Butterfly Network (NYSE:BFLY) CTO Victor Ku Sells 35,968 Shares

Butterfly Network, Inc. (NYSE:BFLY) CTO Victor Ku sold 35,968 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $3.82, for a total transaction of $137,397.76. Following the completion of the transaction, the chief technology officer directly owned 811,962 shares of the company’s stock, valued at $3,101,694.84. This trade represents a 4.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Butterfly Network Price Performance

NYSE BFLY traded up $0.16 during midday trading on Wednesday, hitting $4.22. 5,456,451 shares of the company traded hands, compared to its average volume of 4,432,369. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $4.98. The company’s 50-day simple moving average is $3.02 and its 200-day simple moving average is $2.26. The company has a market cap of $1.06 billion, a PE ratio of -12.77 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates 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, research analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Analysts Set New Price Targets

BFLY has been the subject of a number of research reports. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Loop Capital set a $5.00 price objective on Butterfly Network in a research report on Wednesday, December 31st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.67.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors have recently bought and sold shares of BFLY. Vanguard Group Inc. raised its holdings in shares of Butterfly Network by 4.3% during the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after acquiring an additional 453,258 shares during the last quarter. Hood River Capital Management LLC boosted its position in Butterfly Network by 3.6% during the second quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock worth $10,255,000 after acquiring an additional 176,515 shares during the last quarter. Geode Capital Management LLC raised its holdings in Butterfly Network by 114.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock valued at $8,680,000 after acquiring an additional 2,317,882 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Butterfly Network by 44.7% in the 2nd quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock worth $4,624,000 after purchasing an additional 714,764 shares in the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in shares of Butterfly Network by 10.1% during the 2nd quarter. Raymond James Financial Inc. now owns 1,218,878 shares of the company’s stock worth $2,438,000 after purchasing an additional 111,699 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.