Insider Selling: Butterfly Network (NYSE:BFLY) Director Sells 659,913 Shares

Key Points

• Director Jonathan Rothberg sold 659,913 Butterfly Network shares at an average price of $6.47, generating approximately $4.27 million. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan.
• Butterfly Network shares recently traded at $7.00, down 1%, while the company reported quarterly revenue of $26.53 million and a loss of $0.03 per share, slightly exceeding analyst expectations.
• Analysts hold a consensus “Hold” rating with a $5.56 target price; the stock is also unprofitable, with a negative net margin of 73.63%, although institutional investors own 37.85% of its shares.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) Director Jonathan Rothberg sold 659,913 shares of the business's stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $6.47, for a total value of $4,269,637.11. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 midday trading on Tuesday, hitting $7.00. The stock had a trading volume of 1,073,241 shares, compared to its average volume of 6,674,980. The stock has a 50 day simple moving average of $6.42 and a 200-day simple moving average of $4.92. The company has a market capitalization of $1.78 billion, a PE ratio of -23.32 and a beta of 2.05. Butterfly Network, Inc. has a 1 year low of $1.32 and a 1 year high of $9.69.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued 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 firm had revenue of $26.53 million during the quarter, compared to analysts' expectations of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. As a group, analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $5.56.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently made changes to their positions in the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in Butterfly Network by 4.9% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company's stock valued at $358,000 after purchasing an additional 2,000 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Butterfly Network during the second quarter worth $463,000. Wisconsin Wealth Advisors LLC grew its stake in shares of Butterfly Network by 33.3% in the second quarter. Wisconsin Wealth Advisors LLC now owns 40,000 shares of the company's stock valued at $337,000 after buying an additional 10,000 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Butterfly Network by 71.0% in the first 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 in the last quarter. Finally, Janus Henderson Group PLC purchased a new stake in shares of Butterfly Network in the 1st quarter valued at $446,000. 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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