Steve Cashman Sells 294,680 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the completion of the sale, the insider directly owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This represents a 15.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Steve Cashman also recently made the following trade(s):

• On Friday, June 5th, Steve Cashman sold 104,781 shares of Butterfly Network stock. The stock was sold at an average price of $4.96, for a total transaction of $519,713.76.

Butterfly Network Stock Performance

Shares of BFLY stock opened at $5.37 on Thursday. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -17.88 and a beta of 2.22. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $5.72. The firm’s 50-day simple moving average is $4.59 and its two-hundred day simple moving average is $4.00.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $26.53 million for the quarter, compared to analyst estimates of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. Analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently bought and sold shares of the company. KBC Group NV purchased a new position in Butterfly Network during the first quarter valued at approximately $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the third quarter valued at approximately $25,000. BNP Paribas Financial Markets grew its stake in Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after buying an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC purchased a new position in Butterfly Network in the 4th quarter worth approximately $38,000. Finally, ExodusPoint Capital Management LP purchased a new position in Butterfly Network in the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BFLY. TD Cowen boosted their price target on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Finally, Loop Capital set a $5.50 price target on shares of Butterfly Network in a research report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.56.

About Butterfly Network

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.