Butterfly Network (NYSE:BFLY) Insider Sells $1,373,208.80 in Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 294,680 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80. Following the sale, the insider directly owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Steve Cashman also recently made the following trade(s):

• On Friday, June 5th, Steve Cashman sold 104,781 shares of Butterfly Network stock. The stock was sold at an average price of $4.96, for a total transaction of $519,713.76.

Butterfly Network Stock Up 4.7%

Shares of BFLY opened at $5.65 on Friday. The stock has a market capitalization of $1.44 billion, a P/E ratio of -18.82 and a beta of 2.22. The firm has a fifty day simple moving average of $4.62 and a two-hundred day simple moving average of $4.02. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $5.72.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $26.53 million for 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%. Sell-side analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on BFLY shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. TD Cowen boosted their target price on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, Loop Capital set a $5.50 price target on shares of Butterfly Network in a report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $5.56.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. KBC Group NV purchased a new position in Butterfly Network in the first quarter worth about $25,000. Ameriprise Financial Inc. purchased a new stake in shares of Butterfly Network during the 3rd quarter valued at about $25,000. BNP Paribas Financial Markets increased its position in shares of Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after purchasing an additional 14,244 shares during the last quarter. Wisconsin Wealth Advisors LLC bought a new position in shares of Butterfly Network in the 4th quarter worth approximately $38,000. Finally, ExodusPoint Capital Management LP bought a new position in shares of Butterfly Network in the 4th quarter worth approximately $38,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Company Profile

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.