Insider Selling: Butterfly Network, Inc. (NYSE:BFLY) Insider Sells 164,079 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 164,079 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the sale, the insider now directly owns 1,835,921 shares of the company’s stock, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Butterfly Network Trading Up 1.8 %

BFLY stock opened at $3.46 on Friday. The firm has a 50 day simple moving average of $2.83 and a 200-day simple moving average of $1.82. Butterfly Network, Inc. has a twelve month low of $0.67 and a twelve month high of $3.78. The company has a market capitalization of $737.19 million, a P/E ratio of -7.52 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The firm had revenue of $20.56 million for the quarter, compared to analysts’ expectations of $19.12 million. During the same period last year, the business posted ($0.13) earnings per share. On average, research analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Institutional Investors Weigh In On Butterfly Network

Large investors have recently added to or reduced their stakes in the stock. Hartline Investment Corp boosted its holdings in shares of Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after acquiring an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC acquired a new position in Butterfly Network during the 3rd quarter valued at about $44,000. Barclays PLC boosted its stake in Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares during the period. Verition Fund Management LLC bought a new position in Butterfly Network in the 3rd quarter worth about $57,000. Finally, Cannon Global Investment Management LLC acquired a new stake in shares of Butterfly Network in the third quarter valued at approximately $100,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Lake Street Capital started coverage on shares of Butterfly Network in a research report on Tuesday, September 10th. They set a “buy” rating and a $3.00 price target for the company.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.