Butterfly Network (NYSE:BFLY) Director Sells $1,874,298.06 in Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 452,729 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $4.14, for a total value of $1,874,298.06. Following the completion of the transaction, the director directly owned 335,834 shares of the company’s stock, valued at approximately $1,390,352.76. This represents a 57.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Butterfly Network Stock Down 1.8%

Butterfly Network stock traded down $0.07 during mid-day trading on Thursday, reaching $4.14. 4,214,109 shares of the company’s stock were exchanged, compared to its average volume of 4,413,088. The business’s fifty day simple moving average is $3.06 and its 200 day simple moving average is $2.27. Butterfly Network, Inc. has a one year low of $1.32 and a one year high of $4.98. The firm has a market capitalization of $1.04 billion, a PE ratio of -12.53 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last announced its 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 firm had revenue of $21.49 million during the quarter, compared to analyst estimates of $21.23 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Wall Street Analyst Weigh In

BFLY has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, October 8th. Loop Capital set a $5.00 price objective on Butterfly Network in a report on Wednesday, December 31st. Finally, Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.67.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC bought a new stake in shares of Butterfly Network during the second quarter valued at about $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the third quarter valued at approximately $25,000. Y Intercept Hong Kong Ltd bought a new position in Butterfly Network in the 3rd quarter valued at $32,000. BNP Paribas Financial Markets grew 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 in the last quarter. Finally, Wisconsin Wealth Advisors LLC purchased a new position in shares of Butterfly Network during the 4th quarter valued at $38,000. Institutional investors own 37.85% of the company’s stock.

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.