Victor Ku Sells 35,649 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) CTO Victor Ku sold 35,649 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total value of $280,557.63. Following the sale, the chief technology officer directly owned 1,063,639 shares in the company, valued at $8,370,838.93. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Down 3.5%

NYSE:BFLY traded down $0.27 during mid-day trading on Wednesday, reaching $7.31. The company’s stock had a trading volume of 5,775,350 shares, compared to its average volume of 6,600,102. The stock has a market cap of $1.86 billion, a P/E ratio of -24.37 and a beta of 2.05. The firm’s fifty day moving average price is $5.66 and its two-hundred day moving average price is $4.58. Butterfly Network, Inc. has a 12-month low of $1.32 and a 12-month high of $9.69.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. Analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Trading of Butterfly Network

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BFLY. AWM Investment Company Inc. raised its position in Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after acquiring an additional 3,000,000 shares during the period. Bank of America Corp DE grew its position in shares of Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after acquiring an additional 1,728,938 shares during the period. First Light Asset Management LLC increased its stake in shares of Butterfly Network by 149.3% in the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock worth $10,686,000 after purchasing an additional 1,684,133 shares in the last quarter. Sei Investments Co. purchased a new stake in shares of Butterfly Network in the 2nd quarter worth $2,183,000. Finally, Deutsche Bank AG raised its holdings in Butterfly Network by 156.7% in the 4th quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock worth $6,279,000 after purchasing an additional 1,008,556 shares during the period. 37.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on BFLY. Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Butterfly Network has a consensus rating of “Hold” and a consensus price target 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.