Insider Selling: Butterfly Network, Inc. (NYSE:BFLY) Insider Sells 52,296 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY – Get Rating) insider Lawrence T. Weiss sold 52,296 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $2.22, for a total transaction of $116,097.12. Following the completion of the sale, the insider now owns 1,264,493 shares of the company’s stock, valued at approximately $2,807,174.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Butterfly Network Stock Performance

NYSE:BFLY traded up $0.11 during mid-day trading on Friday, reaching $2.32. The stock had a trading volume of 1,502,720 shares, compared to its average volume of 2,625,799. The firm has a market capitalization of $473.12 million, a price-to-earnings ratio of -2.94 and a beta of 1.74. Butterfly Network, Inc. has a twelve month low of $1.63 and a twelve month high of $8.72. The business has a 50 day simple moving average of $2.14 and a 200 day simple moving average of $2.47.

Butterfly Network (NYSE:BFLY – Get Rating) last announced its quarterly earnings data on Tuesday, February 28th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. Butterfly Network had a negative net margin of 215.28% and a negative return on equity of 46.69%. The firm had revenue of $18.98 million during the quarter, compared to the consensus estimate of $20.11 million. As a group, sell-side analysts expect that Butterfly Network, Inc. will post -0.66 earnings per share for the current year.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently modified their holdings of BFLY. Renaissance Technologies LLC purchased a new position in shares of Butterfly Network during the 1st quarter worth approximately $5,883,000. State Street Corp increased its stake in shares of Butterfly Network by 15.2% during the 1st quarter. State Street Corp now owns 4,489,835 shares of the company’s stock worth $21,372,000 after purchasing an additional 593,387 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Butterfly Network by 76.1% during the 4th quarter. Legal & General Group Plc now owns 1,346,909 shares of the company’s stock worth $3,320,000 after purchasing an additional 581,953 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Butterfly Network by 43.6% during the 4th quarter. Cetera Investment Advisers now owns 1,355,565 shares of the company’s stock worth $3,335,000 after purchasing an additional 411,475 shares in the last quarter. Finally, Two Sigma Investments LP increased its stake in shares of Butterfly Network by 227.3% during the 4th quarter. Two Sigma Investments LP now owns 471,915 shares of the company’s stock worth $1,161,000 after purchasing an additional 327,746 shares in the last quarter. 49.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, UBS Group started coverage on shares of Butterfly Network in a research report on Tuesday, March 28th. They issued a “neutral” rating and a $2.25 price objective for the company.

About Butterfly Network

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Butterfly Network, Inc, a digital health company, 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+, a point-of-care ultrasound imaging device that connects with a smartphone, tablet, and hospital computer system; and Butterfly Blueprint, a system-wide ultrasound platform with Compass software that integrates into a healthcare system's clinical and administrative infrastructure.