Steve Cashman Sells 164,079 Shares of Butterfly Network, Inc. (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 164,079 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $502,081.74. Following the sale, the insider now directly owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Butterfly Network Stock Up 9.3 %

Shares of NYSE BFLY opened at $3.40 on Friday. Butterfly Network, Inc. has a fifty-two week low of $0.67 and a fifty-two week high of $3.78. The business has a 50 day moving average price of $2.80 and a two-hundred day moving average price of $1.80. The firm has a market cap of $724.41 million, a PE ratio of -7.39 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same quarter last year, the company earned ($0.13) earnings per share. On average, analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Institutional Investors Weigh In On Butterfly Network

A number of institutional investors have recently modified their holdings of BFLY. Geode Capital Management LLC grew its stake in Butterfly Network by 4.0% in the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock worth $3,049,000 after purchasing an additional 65,425 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Butterfly Network by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after buying an additional 35,800 shares during the last quarter. XTX Topco Ltd grew its position in shares of Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after acquiring an additional 226,781 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Butterfly Network by 46.5% in the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock valued at $288,000 after acquiring an additional 108,944 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after acquiring an additional 248,201 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital initiated coverage on shares of Butterfly Network in a research report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price objective for the company.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.