Butterfly Network, Inc. (NYSE:BFLY) Insider Steve Cashman 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 value of $502,081.74. Following the sale, the insider now owns 1,835,921 shares in the company, 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 Securities & Exchange Commission, which is accessible through this hyperlink.

Butterfly Network Stock Performance

BFLY opened at $3.40 on Friday. Butterfly Network, Inc. has a 1 year low of $0.67 and a 1 year high of $3.78. The company’s 50 day simple moving average is $2.80 and its 200 day simple moving average is $1.80. The stock has a market capitalization of $724.41 million, a PE ratio of -7.39 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $20.56 million for the quarter, compared to analyst estimates 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 last year, the business earned ($0.13) EPS. As a group, sell-side analysts expect that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Butterfly Network

Institutional investors have recently added to or reduced their stakes in the company. Hartline Investment Corp raised its holdings in shares of Butterfly Network by 87.0% in 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 during the period. Kovitz Investment Group Partners LLC purchased a new position in Butterfly Network in the third quarter valued at approximately $44,000. Barclays PLC lifted its position in Butterfly Network by 27,790.0% during 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 in the last quarter. Verition Fund Management LLC acquired a new position in Butterfly Network during the third quarter valued at approximately $57,000. Finally, Point72 DIFC Ltd grew its stake in Butterfly Network by 1,271.4% during the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock worth $65,000 after buying an additional 71,773 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Lake Street Capital assumed coverage on Butterfly Network in a research report on Tuesday, September 10th. They set a “buy” rating and a $3.00 target price 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.