Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells $379,930.32 in Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 123,354 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $3.08, for a total transaction of $379,930.32. Following the sale, the director owned 132,622 shares of the company’s stock, valued at $408,475.76. This represents a 48.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Butterfly Network Price Performance

NYSE BFLY opened at $3.00 on Monday. The firm’s fifty day moving average price is $2.55 and its 200 day moving average price is $2.10. Butterfly Network, Inc. has a 12 month low of $1.32 and a 12 month high of $4.98. The company has a market capitalization of $757.80 million, a price-to-earnings ratio of -9.09 and a beta of 2.34.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The company had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. As a group, sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, October 8th. 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 company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $3.00.

Institutional Investors Weigh In On Butterfly Network

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Butterfly Network by 4.3% in the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after buying an additional 453,258 shares during the last quarter. First Light Asset Management LLC boosted its holdings in shares of Butterfly Network by 37.8% in the first quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company’s stock valued at $12,553,000 after acquiring an additional 1,511,029 shares in the last quarter. Hood River Capital Management LLC increased its stake in shares of 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 period. Geode Capital Management LLC raised its holdings in Butterfly Network by 114.7% during the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after purchasing an additional 2,317,882 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in Butterfly Network by 44.7% in the second quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock valued at $4,624,000 after purchasing an additional 714,764 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.