Insider Selling: Butterfly Network (NYSE:BFLY) EVP Sells $434,652.23 in Stock

Butterfly Network, Inc. (NYSE:BFLY) EVP John Doherty sold 55,229 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total transaction of $434,652.23. Following the completion of the transaction, the executive vice president owned 1,454,412 shares of the company’s stock, valued at approximately $11,446,222.44. The trade was a 3.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Price Performance

Shares of BFLY stock traded down $0.27 on Wednesday, hitting $7.31. 5,775,350 shares of the stock traded hands, compared to its average volume of 6,600,102. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $9.69. The firm has a 50 day simple moving average of $5.66 and a two-hundred day simple moving average of $4.58. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -24.37 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) 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 analyst estimates of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. Sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently made changes to their positions in BFLY. KBC Group NV bought a new position in Butterfly Network during the first quarter valued at approximately $25,000. Ameriprise Financial Inc. purchased a new stake in shares of Butterfly Network during the 3rd quarter worth approximately $25,000. BNP Paribas Financial Markets raised its holdings in shares of 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 acquiring an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC bought a new position in shares of Butterfly Network during the 4th quarter valued at approximately $38,000. Finally, ExodusPoint Capital Management LP purchased a new position in shares of Butterfly Network in the fourth quarter valued at $38,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BFLY has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a 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. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $5.56.

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.