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 the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the sale, the insider now directly owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. This trade represents a 8.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Butterfly Network Stock Performance

BFLY opened at $3.46 on Friday. The stock has a market capitalization of $737.19 million, a PE ratio of -7.52 and a beta of 2.46. The stock’s 50 day moving average price is $2.83 and its 200-day moving average price is $1.82. Butterfly Network, Inc. has a 52-week low of $0.67 and a 52-week high of $3.78.

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

Wall Street Analyst Weigh In

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

Institutional Trading of Butterfly Network

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its position in shares of Butterfly Network by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after acquiring an additional 35,800 shares in the last quarter. XTX Topco Ltd raised its holdings in Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after purchasing an additional 226,781 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Butterfly Network by 22.0% during the third quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company’s stock valued at $458,000 after buying an additional 46,630 shares during the period. Verition Fund Management LLC bought a new stake in shares of Butterfly Network during the 3rd quarter valued at $57,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in shares of Butterfly Network by 1,045.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock worth $216,000 after buying an additional 234,530 shares during the period. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

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.