Butterfly Network (NYSE:BFLY) Director Jonathan Rothberg Sells 1,195,857 Shares

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 1,195,857 shares of the business’s stock in a transaction that occurred on Friday, July 17th. The stock was sold at an average price of $6.60, for a total value of $7,892,656.20. Following the sale, the director owned 54,143 shares of the company’s stock, valued at approximately $357,343.80. The trade was a 95.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Stock Down 1.0%

Butterfly Network stock traded down $0.07 during mid-day trading on Tuesday, hitting $7.00. The company had a trading volume of 1,073,241 shares, compared to its average volume of 6,674,980. Butterfly Network, Inc. has a 1 year low of $1.32 and a 1 year high of $9.69. The business has a fifty day moving average of $6.42 and a 200 day moving average of $4.92. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -23.28 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. Equities analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BFLY. Invesco Ltd. purchased a new stake in Butterfly Network in the first quarter valued at approximately $85,000. Goldman Sachs Group Inc. grew its position in shares of Butterfly Network by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after acquiring an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Butterfly Network by 9,055.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after acquiring an additional 91,012 shares during the period. Legal & General Group Plc increased its holdings in shares of Butterfly Network by 136.5% in the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after acquiring an additional 119,455 shares during the period. Finally, Rhumbline Advisers purchased a new stake in Butterfly Network in the 2nd quarter valued at $475,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Three equities 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 company. According to data from MarketBeat.com, Butterfly Network presently has an average rating of “Hold” and a consensus target price of $5.56.

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.