Butterfly Network (NYSE:BFLY) Insider Sells $519,713.76 in Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 104,781 shares of Butterfly Network stock in a transaction on Friday, June 5th. The shares were sold at an average price of $4.96, for a total value of $519,713.76. Following the completion of the transaction, the insider directly owned 1,925,087 shares of the company’s stock, valued at $9,548,431.52. This represents a 5.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

• On Monday, June 8th, Steve Cashman sold 294,680 shares of Butterfly Network stock. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80.

Butterfly Network Price Performance

Shares of NYSE BFLY opened at $5.65 on Friday. The stock has a market capitalization of $1.44 billion, a PE ratio of -18.82 and a beta of 2.22. The business has a fifty day moving average price of $4.62 and a two-hundred day moving average price of $4.02. Butterfly Network, Inc. has a fifty-two week low of $1.32 and a fifty-two week high of $5.72.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The company had revenue of $26.53 million for the quarter, compared to analyst estimates of $26.08 million. On average, equities analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BFLY. TD Cowen lifted their price target on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Finally, Loop Capital set a $5.50 price target on Butterfly Network in a research note on Monday, March 2nd. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.56.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its position in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after acquiring an additional 1,728,938 shares during the last quarter. Janus Henderson Group PLC bought a new stake in Butterfly Network during the 1st quarter worth $446,000. Quantinno Capital Management LP bought a new stake in Butterfly Network during the 1st quarter worth $73,000. Sei Investments Co. grew its position in Butterfly Network by 30.6% during the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after acquiring an additional 539,171 shares during the last quarter. Finally, State of Wyoming bought a new stake in Butterfly Network during the 1st quarter worth $143,000. 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.