Steve Cashman Sells 104,781 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 104,781 shares of the 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 sale, the insider owned 1,925,087 shares of the company’s stock, valued at $9,548,431.52. The trade was a 5.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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 Stock Up 4.8%

BFLY opened at $5.37 on Thursday. The stock has a fifty day moving average of $4.59 and a 200-day moving average of $4.00. The firm has a market capitalization of $1.37 billion, a P/E ratio of -17.88 and a beta of 2.22. Butterfly Network, Inc. has a 12-month low of $1.32 and a 12-month high of $5.72.

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

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently bought and sold shares of BFLY. Invesco Ltd. bought a new position in Butterfly Network during the first quarter valued at about $85,000. Goldman Sachs Group Inc. raised its holdings in 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 buying an additional 29,958 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in 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 buying an additional 91,012 shares in the last quarter. Legal & General Group Plc raised its holdings in Butterfly Network by 136.5% during the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after buying an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers bought a new position in Butterfly Network during the second quarter valued at about $475,000. 37.85% of the stock is currently owned by 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.