S. Louise Phanstiel Acquires 115,200 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) Director S. Louise Phanstiel acquired 115,200 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were acquired at an average price of $8.68 per share, with a total value of $999,936.00. Following the completion of the purchase, the director owned 300,461 shares of the company’s stock, valued at $2,608,001.48. This trade represents a 62.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Butterfly Network Stock Up 2.0%

Shares of BFLY stock traded up $0.18 during mid-day trading on Monday, reaching $9.02. The company’s stock had a trading volume of 3,312,521 shares, compared to its average volume of 6,758,036. The company’s 50 day simple moving average is $7.52 and its 200-day simple moving average is $5.32. Butterfly Network, Inc. has a 12-month low of $1.34 and a 12-month high of $10.05. The firm has a market capitalization of $2.40 billion, a PE ratio of -31.10 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. The business had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. As a group, research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently modified their holdings of the stock. KBC Group NV bought a new stake in Butterfly Network in the first quarter valued at about $25,000. Ameriprise Financial Inc. bought a new position in Butterfly Network during the 3rd quarter worth approximately $25,000. BNP Paribas Financial Markets lifted its holdings in Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after buying an additional 14,244 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in shares of Butterfly Network in the 4th quarter worth approximately $38,000. Finally, Sfmg LLC acquired a new position in shares of Butterfly Network in the 4th quarter worth approximately $39,000. Institutional investors own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.