John Doherty Sells 55,229 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) EVP John Doherty sold 55,229 shares of Butterfly Network stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total value of $434,652.23. Following the transaction, the executive vice president owned 1,454,412 shares of the company’s stock, valued at approximately $11,446,222.44. This represents a 3.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Up 9.0%

Shares of NYSE:BFLY opened at $8.00 on Friday. Butterfly Network, Inc. has a 12-month low of $1.32 and a 12-month high of $9.69. The business has a 50 day moving average of $5.75 and a two-hundred day moving average of $4.64. The company has a market capitalization of $2.04 billion, a PE ratio of -26.66 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. Equities research analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $5.56.

Institutional Trading of Butterfly Network

A number of institutional investors and hedge funds have recently modified their holdings of the stock. KBC Group NV acquired a new position in shares of Butterfly Network during the 1st quarter worth about $25,000. Ameriprise Financial Inc. acquired a new stake in Butterfly Network in the 3rd quarter worth about $25,000. BNP Paribas Financial Markets increased its stake 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 in the last quarter. Wisconsin Wealth Advisors LLC acquired a new position in shares of Butterfly Network during the fourth quarter valued at approximately $38,000. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Butterfly Network during the fourth quarter valued at approximately $38,000. Hedge funds and other 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.