Butterfly Network (NYSE:BFLY) Director Jonathan Rothberg Sells 176,070 Shares

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 176,070 shares of the stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $3.11, for a total value of $547,577.70. Following the completion of the transaction, the director directly owned 111,031 shares in the company, valued at approximately $345,306.41. This trade represents a 61.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Butterfly Network Price Performance

Shares of NYSE:BFLY opened at $3.05 on Thursday. The firm’s 50 day simple moving average is $2.51 and its 200 day simple moving average is $2.09. Butterfly Network, Inc. has a fifty-two week low of $1.32 and a fifty-two week high of $4.98. The company has a market capitalization of $769.17 million, a price-to-earnings ratio of -9.23 and a beta of 2.34.

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Three 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.00.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new stake in Butterfly Network during the 2nd quarter worth about $25,000. CTC Alternative Strategies Ltd. bought a new stake in Butterfly Network in the first quarter valued at $29,000. Ameriprise Financial Inc. acquired a new position in shares of Butterfly Network during the third quarter valued at about $25,000. Deutsche Bank AG bought a new stake in Butterfly Network in the 1st quarter valued at about $31,000. Finally, BNP Paribas Financial Markets raised its stake in Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after buying an additional 14,244 shares during the period. 37.85% of the stock is owned by institutional investors.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.