Jonathan Rothberg Sells 753,320 Shares of Butterfly Network (NYSE:BFLY) Stock

Key Points

• Director Jonathan Rothberg sold 753,320 Butterfly Network shares at an average price of $6.74, generating approximately $5.08 million. The Rule 10b5-1 transaction reduced his direct ownership by 60.27% to 496,680 shares.
• Butterfly Network shares fell 1% to $7.00 during Tuesday trading. The company reported quarterly revenue of $26.53 million and an adjusted loss of $0.03 per share, beating analyst expectations.
• Analysts have a consensus “Hold” rating and a $5.56 price target, while hedge funds and institutional investors own 37.85% of the company.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) Director Jonathan Rothberg sold 753,320 shares of the firm's stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $6.74, for a total transaction of $5,077,376.80. Following the completion of the transaction, the director directly owned 496,680 shares of the company's stock, valued at approximately $3,347,623.20. This trade represents a 60.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Trading Down 1.0%

Shares of NYSE BFLY traded down $0.07 during mid-day 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. Butterfly Network, Inc. has a 1 year low of $1.32 and a 1 year high of $9.69. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of -23.32 and a beta of 2.05. The stock's 50-day moving average price is $6.42 and its 200-day moving average price is $4.92.

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

Wall Street Analyst Weigh In

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 assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $5.56.

Hedge Funds Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KBC Group NV bought a new position in Butterfly Network in the 1st quarter worth about $25,000. Ameriprise Financial Inc. bought a new stake in shares of Butterfly Network during the 3rd quarter valued at about $25,000. BNP Paribas Financial Markets grew its holdings in shares of Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock worth $33,000 after purchasing an additional 14,244 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in shares of Butterfly Network in the fourth quarter worth approximately $38,000. Finally, Sfmg LLC bought a new position in shares of Butterfly Network in the fourth quarter worth approximately $39,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

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.

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