Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells 132,570 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 132,570 shares of the company’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $3.08, for a total transaction of $408,315.60. Following the transaction, the director owned 512,827 shares in the company, valued at $1,579,507.16. This represents a 20.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Butterfly Network Stock Performance

Butterfly Network stock traded down $0.07 during midday trading on Tuesday, reaching $2.74. The stock had a trading volume of 2,507,227 shares, compared to its average volume of 6,643,355. The company has a fifty day moving average price of $2.37 and a two-hundred day moving average price of $2.05. Butterfly Network, Inc. has a 12 month low of $1.32 and a 12 month high of $4.98.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, October 31st. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $21.49 million during the quarter, compared to analysts’ expectations of $21.23 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. On average, research analysts anticipate that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BFLY has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Craig Hallum reiterated a “positive” rating and set a $2.00 price objective on shares of Butterfly Network in a report on Monday, August 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Three 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. According to data from MarketBeat.com, Butterfly Network presently has an average rating of “Hold” and an average target price of $3.00.

Institutional Trading of Butterfly Network

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in Butterfly Network by 33.0% during the first quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company’s stock worth $46,000 after purchasing an additional 5,010 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Butterfly Network during the 1st quarter worth approximately $82,000. Blair William & Co. IL lifted its position in shares of Butterfly Network by 40.8% during the 1st quarter. Blair William & Co. IL now owns 103,500 shares of the company’s stock worth $236,000 after buying an additional 30,000 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Butterfly Network by 141.6% in the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 57,620 shares of the company’s stock valued at $131,000 after acquiring an additional 33,770 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Butterfly Network by 15.6% in the first quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company’s stock valued at $19,605,000 after acquiring an additional 1,161,647 shares in the last quarter. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.