Victor Ku Sells 35,649 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) CTO Victor Ku sold 35,649 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total value of $280,557.63. Following the sale, the chief technology officer directly owned 1,063,639 shares in the company, valued at $8,370,838.93. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Stock Performance

NYSE BFLY opened at $8.00 on Friday. Butterfly Network, Inc. has a one year low of $1.32 and a one year high of $9.69. The stock has a 50-day moving average of $5.75 and a 200 day moving average of $4.64. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of -26.66 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last posted its 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 net margin of 73.63% and a negative return on equity of 34.41%. The business had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. On average, equities analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on BFLY shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Butterfly Network currently has a consensus rating of “Hold” and an average price target of $5.56.

Institutional Trading of Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Butterfly Network by 4.3% in the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after acquiring an additional 453,258 shares during the period. ARK Investment Management LLC grew its position in shares of Butterfly Network by 1.6% during the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock valued at $23,729,000 after acquiring an additional 99,079 shares during the period. Geode Capital Management LLC increased its stake in shares of Butterfly Network by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after purchasing an additional 75,243 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after purchasing an additional 1,728,938 shares in the last quarter. Finally, AWM Investment Company Inc. raised its holdings in Butterfly Network by 750.0% in the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after purchasing an additional 3,000,000 shares during the period. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.