Butterfly Network (NYSE:BFLY) EVP Sells $350,000.00 in Stock

Key Points

• EVP John Doherty sold 50,000 Butterfly Network shares for $350,000 at $7 each under a pre-arranged Rule 10b5-1 plan, reducing his stake by 3.58% to 1,347,276 shares.
• Butterfly Network’s latest quarter beat analyst estimates, reporting a loss of $0.01 per share versus expectations of a $0.04 loss, and revenue of $32.6 million versus $28.37 million expected.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $8.75; shares were trading at $6.08 in Friday’s mid-day session.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) EVP John Doherty sold 50,000 shares of the stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $7.00, for a total value of $350,000.00. Following the completion of the transaction, the executive vice president owned 1,347,276 shares of the company's stock, valued at $9,430,932. The trade was a 3.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Price Performance

Shares of NYSE BFLY traded down $0.59 during mid-day trading on Friday, hitting $6.08. 4,309,477 shares of the stock traded hands, compared to its average volume of 6,278,438. Butterfly Network, Inc. has a twelve month low of $1.90 and a twelve month high of $10.21. The company has a market cap of $1.62 billion, a PE ratio of -28.93 and a beta of 2.16. The firm has a 50 day simple moving average of $7.70 and a two-hundred day simple moving average of $6.13.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The company reported ($0.01) earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 21.60% and a negative net margin of 43.56%. The business had revenue of $32.60 million for the quarter, compared to analyst estimates of $28.37 million. On average, equities research analysts anticipate that Butterfly Network, Inc. will post -0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its position in shares of Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company's stock valued at $16,827,000 after buying an additional 1,728,938 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Butterfly Network during the second quarter worth about $4,878,000. Dimensional Fund Advisors LP raised its position in shares of Butterfly Network by 30.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company's stock worth $9,524,000 after acquiring an additional 557,100 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Butterfly Network by 30.6% in the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company's stock worth $9,288,000 after acquiring an additional 539,171 shares during the period. Finally, Swiss National Bank acquired a new position in shares of Butterfly Network in the first quarter worth approximately $1,621,000. 37.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on BFLY. Needham & Company LLC started coverage on Butterfly Network in a report on Tuesday, September 22nd. They set a "buy" rating and a $10.00 price target on the stock. TD Cowen reiterated a "buy" rating and issued a $10.00 price objective on shares of Butterfly Network in a report on Friday, September 11th. Evercore assumed coverage on shares of Butterfly Network in a research report on Tuesday, September 29th. They set an "outperform" rating and a $15.00 target price on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a report on Friday, October 30th. Finally, Canaccord Genuity Group assumed coverage on shares of Butterfly Network in a report on Monday, October 12th. They set a "buy" rating and a $10.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.75.

Butterfly Network Company Profile

Butterfly Network develops portable ultrasound technology for healthcare professionals. Its handheld devices use the company's semiconductor-based Ultrasound-on-Chip technology to produce ultrasound images and connect with compatible mobile devices, offering an alternative to larger, cart-based systems. The company's products include the Butterfly iQ line of handheld ultrasound devices, along with software and cloud-based tools for viewing, managing and sharing medical images. Its offerings are designed for use across a range of clinical settings and applications.

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