Butterfly Network (NYSE:BFLY) Stock: Insider John Doherty Sells 50,000 Shares

Butterfly Network, Inc. (NYSE:BFLY) EVP John Doherty sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $7.00, for a total transaction of $350,000.00. Following the completion of the transaction, the executive vice president directly owned 1,347,276 shares of the company’s stock, valued at approximately $9,430,932. This represents a 3.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Stock Down 8.9%

Shares of BFLY traded down $0.59 on Friday, hitting $6.08. 4,312,372 shares of the stock traded hands, compared to its average volume of 4,835,256. Butterfly Network, Inc. has a 1 year low of $1.90 and a 1 year high of $10.21. The stock’s 50 day moving average is $7.68 and its two-hundred day moving average is $6.14. The firm has a market capitalization of $1.62 billion, a P/E ratio of -28.93 and a beta of 2.16.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, October 29th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The firm had revenue of $32.60 million during the quarter, compared to analysts’ expectations of $28.37 million. Butterfly Network had a negative net margin of 43.56% and a negative return on equity of 21.60%. Research analysts forecast that Butterfly Network, Inc. will post -0.17 EPS for the current year.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently made changes to their positions in the business. KBC Group NV acquired a new position in shares of Butterfly Network during the first quarter worth about $25,000. V Square Quantitative Management LLC acquired a new position in Butterfly Network during the 3rd quarter worth approximately $42,000. China Universal Asset Management Co. Ltd. acquired a new position in Butterfly Network during the 3rd quarter worth approximately $46,000. NewEdge Wealth LLC acquired a new position in Butterfly Network during the 1st quarter worth approximately $53,000. Finally, Principal Financial Group Inc. boosted its holdings in Butterfly Network by 24.0% in the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock worth $58,000 after acquiring an additional 2,753 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on BFLY. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Friday, October 30th. Needham & Company LLC began coverage on Butterfly Network in a research note on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price target on the stock. TD Cowen restated a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. Evercore initiated coverage on shares of Butterfly Network in a research note on Tuesday, September 29th. They set an “outperform” rating and a $15.00 price objective for the company. Finally, Canaccord Genuity Group assumed coverage on shares of Butterfly Network in a report on Monday, October 12th. They set a “buy” rating and a $10.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.75.

About Butterfly Network

Butterfly Network develops portable ultrasound technology for healthcare professionals. Its handheld devices use the company’s semiconductor-based Ultrasound-on-Chip technology to produce ultrasound images and connect with compatible mobile devices, offering an alternative to larger, cart-based systems. The company’s products include the Butterfly iQ line of handheld ultrasound devices, along with software and cloud-based tools for viewing, managing and sharing medical images. Its offerings are designed for use across a range of clinical settings and applications.