Butterfly Network (NYSE:BFLY) Director Jonathan Rothberg Sells 288,918 Shares

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

Butterfly Network Trading Down 2.6%

BFLY stock opened at $3.00 on Friday. The stock has a market cap of $757.81 million, a P/E ratio of -9.09 and a beta of 2.34. The stock’s fifty day simple moving average is $2.55 and its two-hundred day simple moving average is $2.10. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $4.98.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, October 31st. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The company had revenue of $21.49 million for 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%. As a group, analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its stake in Butterfly Network by 270.5% during the first 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 period. Geode Capital Management LLC increased its stake in Butterfly Network by 114.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after acquiring an additional 2,317,882 shares during the last quarter. Vanguard Group Inc. raised its holdings 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 acquiring an additional 1,161,647 shares in the last quarter. Swiss National Bank bought a new stake in shares of Butterfly Network during the 1st quarter valued at about $618,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Butterfly Network by 7.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,003,940 shares of the company’s stock worth $2,289,000 after purchasing an additional 68,110 shares in the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on BFLY shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, October 8th. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Butterfly Network currently has an average rating of “Hold” and an average target price of $3.00.

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.