Butterfly Network (NYSE:BFLY) Director Sells $10,692.00 in Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 2,673 shares of the stock in a transaction that occurred on Wednesday, December 24th. The stock was sold at an average price of $4.00, for a total value of $10,692.00. Following the completion of the sale, the director owned 1,155,091 shares in the company, valued at approximately $4,620,364. The trade was a 0.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Butterfly Network Stock Down 1.7%

BFLY traded down $0.07 during trading hours on Monday, reaching $3.79. 2,617,753 shares of the company’s stock traded hands, compared to its average volume of 4,606,876. The firm has a 50-day moving average price of $2.79 and a 200 day moving average price of $2.18. The firm has a market capitalization of $956.09 million, a PE ratio of -11.47 and a beta of 2.34. Butterfly Network, Inc. has a 52-week low of $1.32 and a 52-week high of $4.98.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The business had revenue of $21.49 million for the quarter, compared to analyst estimates of $21.23 million. Equities analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently made changes to their positions in BFLY. Vanguard Group Inc. grew its stake in Butterfly Network by 4.3% in the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after purchasing 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 1st quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company’s stock valued at $12,553,000 after buying an additional 1,511,029 shares in the last quarter. Hood River Capital Management LLC grew its position in shares of Butterfly Network by 3.6% in the 2nd quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock worth $10,255,000 after buying an additional 176,515 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Butterfly Network by 114.7% during 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 in the last quarter. Finally, Acadian Asset Management LLC lifted its position in Butterfly Network by 44.7% during the second quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock valued at $4,624,000 after acquiring an additional 714,764 shares during the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.