Insider Selling: Butterfly Network, Inc. (NYSE:BFLY) Insider Sells $502,081.74 in Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 164,079 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the transaction, the insider now owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Butterfly Network Price Performance

Shares of BFLY stock opened at $3.46 on Friday. The firm’s 50-day simple moving average is $2.83 and its 200-day simple moving average is $1.82. The firm has a market cap of $737.19 million, a P/E ratio of -7.52 and a beta of 2.46. Butterfly Network, Inc. has a 1-year low of $0.67 and a 1-year high of $3.78.

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

Institutional Trading of Butterfly Network

A number of institutional investors and hedge funds have recently bought and sold shares of BFLY. Hartline Investment Corp increased its position in Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after purchasing an additional 10,000 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in Butterfly Network in the third quarter valued at approximately $44,000. Barclays PLC grew its position 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 acquiring an additional 25,011 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Butterfly Network in the third quarter valued at approximately $57,000. Finally, Point72 DIFC Ltd grew its position in Butterfly Network by 1,271.4% in the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after acquiring an additional 71,773 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Analysts Set New Price Targets

Separately, Lake Street Capital assumed coverage on shares of Butterfly Network in a report on Tuesday, September 10th. They set 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.