Butterfly Network (NYSE:BFLY) Director Sells 1,195,857 Shares

Key Points

• Director Jonathan Rothberg sold 1,195,857 Butterfly Network shares at an average price of $6.60, generating approximately $7.89 million. The Rule 10b5-1 transaction reduced his stake by 95.67%, leaving him with 54,143 shares.
• Butterfly Network shares were trading at $7.00 after declining 1%, while the company reported quarterly revenue of $26.53 million and an adjusted loss of $0.03 per share, slightly better than analyst expectations.
• Analysts maintain a consensus “Hold” rating with a $5.56 target price, despite several institutional investors increasing their positions; institutions and hedge funds own 37.85% of the stock.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) Director Jonathan Rothberg sold 1,195,857 shares of Butterfly Network stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $6.60, for a total transaction of $7,892,656.20. Following the completion of the transaction, the director owned 54,143 shares of the company's stock, valued at $357,343.80. This trade represents a 95.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Stock Down 1.0%

Butterfly Network stock traded down $0.07 during mid-day trading on Tuesday, reaching $7.00. 1,073,241 shares of the company's stock were exchanged, compared to its average volume of 6,674,980. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $9.69. The company has a market cap of $1.78 billion, a P/E ratio of -23.28 and a beta of 2.05. The company has a fifty day moving average of $6.42 and a 200-day moving average of $4.92.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. Equities research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $5.56.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Butterfly Network by 4.3% during the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company's stock worth $21,307,000 after purchasing an additional 453,258 shares in the last quarter. ARK Investment Management LLC raised its stake in Butterfly Network by 1.6% in the fourth quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company's stock valued at $23,729,000 after buying an additional 99,079 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Butterfly Network by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company's stock worth $17,785,000 after buying an additional 75,243 shares during the last quarter. Bank of America Corp DE lifted its holdings in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company's stock worth $16,827,000 after buying an additional 1,728,938 shares during the last quarter. Finally, AWM Investment Company Inc. lifted its holdings in Butterfly Network by 750.0% during the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company's stock worth $12,920,000 after buying an additional 3,000,000 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.