Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells $5,077,376.80 in Stock

Butterfly Network, Inc. (NYSE:BFLY) Director Jonathan Rothberg sold 753,320 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $6.74, for a total value of $5,077,376.80. Following the transaction, the director owned 496,680 shares in the company, valued at approximately $3,347,623.20. The trade was a 60.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Price Performance

Shares of Butterfly Network stock opened at $8.30 on Friday. Butterfly Network, Inc. has a one year low of $1.32 and a one year high of $9.69. The business’s 50 day simple moving average is $6.61 and its two-hundred day simple moving average is $4.99. The stock has a market capitalization of $2.11 billion, a P/E ratio of -27.67 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The firm had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.16 million. Sell-side analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $5.56.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. purchased a new stake in Butterfly Network in the 1st quarter worth approximately $85,000. Goldman Sachs Group Inc. raised its holdings 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 valued at $1,725,000 after acquiring an additional 29,958 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Butterfly Network by 9,055.9% during the second 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 in the last quarter. Legal & General Group Plc lifted its stake in Butterfly Network by 136.5% in the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after acquiring an additional 119,455 shares during the period. Finally, Rhumbline Advisers bought a new stake in Butterfly Network in the second quarter valued at $475,000. Institutional investors own 37.85% of the company’s stock.

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.