Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells 1,177,276 Shares

Key Points

• Butterfly Network director Jonathan Rothberg sold 1,177,276 shares at an average price of $6.61, generating approximately $7.78 million. The Rule 10b5-1 transaction reduced his direct ownership by 94.18% to 72,724 shares.
• Butterfly Network shares fell 1.0% to $7.00, but remain well above their 52-week low of $1.32 and below the high of $9.69. The company reported quarterly revenue of $26.53 million and a loss of $0.03 per share, slightly beating analyst estimates.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $5.56; one research firm maintains a “sell” rating. Institutional investors and hedge funds own 37.85% of the company.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) Director Jonathan Rothberg sold 1,177,276 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $6.61, for a total transaction of $7,781,794.36. Following the transaction, the director directly owned 72,724 shares in the company, valued at approximately $480,705.64. The trade was a 94.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Stock Down 1.0%

Shares of NYSE BFLY traded down $0.07 during trading on Tuesday, hitting $7.00. The company had a trading volume of 1,073,241 shares, compared to its average volume of 6,674,980. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of -23.32 and a beta of 2.05. The stock has a fifty day simple moving average of $6.42 and a two-hundred day simple moving average of $4.92. Butterfly Network, Inc. has a fifty-two week low of $1.32 and a fifty-two week high of $9.69.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm 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%. On average, analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Butterfly Network in a research 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Butterfly Network has an average rating of "Hold" and a consensus target price of $5.56.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently modified their holdings of the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its stake in shares of Butterfly Network by 4.9% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company's stock worth $358,000 after buying an additional 2,000 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Butterfly Network by 24.0% in the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company's stock valued at $58,000 after acquiring an additional 2,753 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Butterfly Network by 25.4% in the 4th quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company's stock valued at $58,000 after acquiring an additional 3,098 shares during the last quarter. Opal Wealth Advisors LLC lifted its stake in Butterfly Network by 10.1% in the 4th quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company's stock worth $139,000 after purchasing an additional 3,355 shares in the last quarter. Finally, Kestra Private Wealth Services LLC lifted its stake in Butterfly Network by 11.0% in the 4th quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company's stock worth $211,000 after purchasing an additional 5,500 shares in the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

About Butterfly Network

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.

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