Butterfly Network (NYSE:BFLY) Director Sells $904,313.34 in Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 288,918 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $3.13, for a total value of $904,313.34. Following the completion of the sale, the director directly owned 255,976 shares in the company, valued at $801,204.88. This represents a 53.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Butterfly Network Stock Down 2.6%

Shares of BFLY stock opened at $3.00 on Monday. The stock has a 50-day simple moving average of $2.55 and a 200 day simple moving average of $2.10. The stock has a market capitalization of $757.80 million, a P/E ratio of -9.09 and a beta of 2.34. 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 issued its quarterly earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. The company had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. On average, sell-side analysts anticipate that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Wall Street Analyst Weigh In

BFLY has been the subject of a number of research reports. Weiss Ratings restated 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 equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $3.00.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in Butterfly Network by 114.7% in the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock valued at $8,680,000 after purchasing an additional 2,317,882 shares in the last quarter. First Light Asset Management LLC raised its stake in shares of Butterfly Network by 37.8% during the 1st quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company’s stock worth $12,553,000 after purchasing an additional 1,511,029 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of Butterfly Network during the 1st quarter worth about $3,225,000. Acadian Asset Management LLC lifted its holdings in shares of Butterfly Network by 270.5% during the 1st quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company’s stock valued at $3,642,000 after buying an additional 1,167,055 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Butterfly Network by 15.6% in the 1st quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company’s stock valued at $19,605,000 after buying an additional 1,161,647 shares in the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Company Profile

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.