Butterfly Network (NYSE:BFLY) Stock Falls 8% Following Insider Selling

Butterfly Network, Inc. (NYSE:BFLY) shares traded down 8% on Friday after an insider sold shares in the company. The company traded as low as $6.12 and last traded at $6.1350. Approximately 1,965,131 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 6,267,210 shares. The stock had previously closed at $6.67.

Specifically, EVP John Doherty sold 50,000 shares of the company’s stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $7.00, for a total transaction of $350,000.00. Following the completion of the sale, the executive vice president directly owned 1,347,276 shares in the company, valued at $9,430,932. This represents a 3.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

Several brokerages have commented on BFLY. TD Cowen reissued a “buy” rating and set a $10.00 target price on shares of Butterfly Network in a research note on Friday, September 11th. Needham & Company LLC started coverage on shares of Butterfly Network in a report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 target price for the company. Evercore assumed coverage on shares of Butterfly Network in a research note on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 price target on the stock. Canaccord Genuity Group initiated coverage on shares of Butterfly Network in a report on Monday, October 12th. They set a “buy” rating and a $10.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $8.75.

Butterfly Network Price Performance

The company has a fifty day moving average price of $7.68 and a 200 day moving average price of $6.14. The stock has a market cap of $1.62 billion, a P/E ratio of -28.93 and a beta of 2.16.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, October 29th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The company had revenue of $32.60 million during the quarter, compared to the consensus estimate of $28.37 million. Butterfly Network had a negative net margin of 43.56% and a negative return on equity of 21.60%. As a group, sell-side analysts expect that Butterfly Network, Inc. will post -0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BFLY. Bank of America Corp DE increased its stake in shares of Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $4,878,000. Dimensional Fund Advisors LP lifted its stake in Butterfly Network by 30.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after purchasing an additional 557,100 shares during the last quarter. Sei Investments Co. lifted its stake in Butterfly Network by 30.6% in the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock valued at $9,288,000 after purchasing an additional 539,171 shares during the last quarter. Finally, Swiss National Bank purchased a new position in Butterfly Network in the first quarter valued at approximately $1,621,000. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network develops portable ultrasound technology for healthcare professionals. Its handheld devices use the company’s semiconductor-based Ultrasound-on-Chip technology to produce ultrasound images and connect with compatible mobile devices, offering an alternative to larger, cart-based systems. The company’s products include the Butterfly iQ line of handheld ultrasound devices, along with software and cloud-based tools for viewing, managing and sharing medical images. Its offerings are designed for use across a range of clinical settings and applications.