Steve Cashman Sells 294,680 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 294,680 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the completion of the transaction, the insider owned 1,630,407 shares in the company, valued at $7,597,696.62. The trade was a 15.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

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

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

Butterfly Network Trading Up 7.0%

Shares of BFLY stock traded up $0.33 during mid-day trading on Tuesday, reaching $5.11. The stock had a trading volume of 5,421,715 shares, compared to its average volume of 5,544,334. The stock’s 50-day moving average price is $4.53 and its two-hundred day moving average price is $3.96. Butterfly Network, Inc. has a 52-week low of $1.32 and a 52-week high of $5.72. The firm has a market capitalization of $1.30 billion, a PE ratio of -17.04 and a beta of 2.22.

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. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The firm had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. On average, equities research analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently bought and sold shares of BFLY. KBC Group NV bought a new stake in Butterfly Network during the first quarter worth about $25,000. Ameriprise Financial Inc. bought a new stake in Butterfly Network during the third quarter worth about $25,000. BNP Paribas Financial Markets boosted its stake in Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after acquiring an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC bought a new stake in Butterfly Network during the fourth quarter worth about $38,000. Finally, ExodusPoint Capital Management LP bought a new stake in Butterfly Network during the fourth quarter worth about $38,000. Institutional investors own 37.85% of the company’s stock.

Analyst Ratings Changes

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