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 Butterfly Network 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 transaction, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is available through this link.

Butterfly Network Trading Up 9.3 %

Shares of BFLY traded up $0.29 during mid-day trading on Thursday, hitting $3.40. 2,523,697 shares of the company traded hands, compared to its average volume of 2,125,981. The business has a 50-day moving average of $2.76 and a 200 day moving average of $1.79. Butterfly Network, Inc. has a one year low of $0.67 and a one year high of $3.78. The stock has a market capitalization of $724.41 million, a price-to-earnings ratio of -7.39 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same quarter in the previous year, the company posted ($0.13) earnings per share. As a group, analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently bought and sold shares of BFLY. Barclays PLC lifted its stake in Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after buying an additional 25,011 shares during the period. Geode Capital Management LLC grew its holdings in shares of Butterfly Network by 4.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after buying an additional 65,425 shares during the period. XTX Topco Ltd increased its position in shares of Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after buying an additional 226,781 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in Butterfly Network during the 3rd quarter worth $44,000. Finally, Verition Fund Management LLC bought a new position in Butterfly Network during the third quarter worth about $57,000. 37.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital assumed coverage on Butterfly Network in a research note on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price objective on the stock.

About Butterfly Network

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.