Butterfly Network (NYSE:BFLY) Insider Sells $1,022,817.60 in Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 140,112 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $7.30, for a total value of $1,022,817.60. Following the sale, the insider owned 1,490,295 shares of the company’s stock, valued at $10,879,153.50. The trade was a 8.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Stock Performance

BFLY opened at $7.33 on Friday. Butterfly Network, Inc. has a 1 year low of $1.52 and a 1 year high of $10.05. The firm has a 50 day moving average price of $7.99 and a 200 day moving average price of $5.98. The company has a market cap of $1.95 billion, a PE ratio of -25.26 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. The company had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. On average, sell-side analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BFLY. The Manufacturers Life Insurance Company grew its position in shares of Butterfly Network by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after acquiring an additional 2,125 shares in the last quarter. Engineers Gate Manager LP bought a new position in Butterfly Network during the second quarter worth $595,000. Squarepoint Ops LLC boosted its holdings in Butterfly Network by 27.0% in the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock worth $3,792,000 after purchasing an additional 95,850 shares during the period. Corient Private Wealth LP acquired a new position in Butterfly Network in the second quarter worth $156,000. Finally, HighTower Advisors LLC increased its stake in Butterfly Network by 11.5% during the second quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock valued at $172,000 after purchasing an additional 2,110 shares during the last quarter. Institutional investors own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on BFLY shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. TD Cowen reiterated a “buy” rating and issued a $10.00 target price on shares of Butterfly Network in a research note on Friday. Three equities research 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. According to data from MarketBeat, Butterfly Network has an average rating of “Hold” and an average target price of $6.56.

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.