Butterfly Network (NYSE:BFLY) EVP Sells $374,812.16 in Stock

Butterfly Network, Inc. (NYSE:BFLY) EVP John Doherty sold 57,136 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $6.56, for a total transaction of $374,812.16. Following the transaction, the executive vice president directly owned 1,397,276 shares of the company’s stock, valued at $9,166,130.56. This represents a 3.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Up 16.9%

Shares of BFLY opened at $8.30 on Friday. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of -27.67 and a beta of 2.05. Butterfly Network, Inc. has a 12 month low of $1.32 and a 12 month high of $9.69. The firm has a fifty day simple moving average of $6.61 and a 200 day simple moving average of $4.99.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The firm had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. As a group, research analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Trading of Butterfly Network

Several institutional investors and hedge funds have recently added to or reduced their stakes in BFLY. KBC Group NV bought a new position in shares of Butterfly Network in the 1st quarter valued at about $25,000. Ameriprise Financial Inc. bought a new stake in shares of Butterfly Network in the 3rd quarter valued at about $25,000. BNP Paribas Financial Markets raised its holdings in shares of Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after purchasing an additional 14,244 shares during the period. ExodusPoint Capital Management LP acquired a new stake in Butterfly Network in the 4th quarter valued at about $38,000. Finally, Sfmg LLC acquired a new stake in Butterfly Network in the 4th quarter valued at about $39,000. 37.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. 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 MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $5.56.

About Butterfly Network

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.