Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells 335,834 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 335,834 shares of the stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $4.18, for a total value of $1,403,786.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Butterfly Network Stock Down 1.8%

BFLY traded down $0.07 during trading on Thursday, hitting $4.14. The company’s stock had a trading volume of 4,214,109 shares, compared to its average volume of 4,413,088. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -12.53 and a beta of 2.27. The firm’s 50 day moving average price is $3.06 and its two-hundred day moving average price is $2.27. 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 earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, beating 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 company had revenue of $21.49 million during the quarter, compared to analyst estimates of $21.23 million. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BFLY shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Loop Capital set a $5.00 price target on shares of Butterfly Network in a research note on Wednesday, December 31st. Finally, Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.67.

Institutional Investors Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ashton Thomas Private Wealth LLC acquired a new stake in Butterfly Network during the 2nd quarter worth $25,000. Ameriprise Financial Inc. bought a new stake in shares of Butterfly Network in the 3rd quarter valued at about $25,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Butterfly Network in the 3rd quarter valued at approximately $32,000. BNP Paribas Financial Markets raised its position in shares of Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after acquiring an additional 14,244 shares during the period. Finally, Wisconsin Wealth Advisors LLC bought a new position in Butterfly Network during the 4th quarter worth approximately $38,000. 37.85% of the stock is owned by institutional investors.

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.