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

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) insider Steve Cashman sold 164,079 shares of the business'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 completion of the sale, the insider now owns 1,835,921 shares in the company, valued at $5,617,918.26. This represents a 8.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Butterfly Network Trading Up 9.3 %

NYSE BFLY traded up $0.29 on Thursday, hitting $3.40. 2,524,606 shares of the company were exchanged, compared to its average volume of 2,127,707. The company has a market cap of $724.41 million, a P/E ratio of -7.39 and a beta of 2.46. Butterfly Network, Inc. has a 1-year low of $0.67 and a 1-year high of $3.78. The firm has a 50 day moving average of $2.76 and a two-hundred day moving average of $1.79.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.01. The company had revenue of $20.56 million for the quarter, compared to analyst estimates 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 period in the prior year, the business earned ($0.13) earnings per share. Research analysts anticipate that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC grew its position in shares of Butterfly Network by 46.5% during the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company's stock worth $288,000 after buying an additional 108,944 shares during the period. XTX Topco Ltd bought a new position in Butterfly Network in the second quarter valued at approximately $112,000. Marshall Wace LLP grew its holdings in Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company's stock worth $267,000 after acquiring an additional 248,201 shares during the period. Point72 DIFC Ltd raised its position in shares of Butterfly Network by 1,271.4% during the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company's stock valued at $65,000 after acquiring an additional 71,773 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Butterfly Network in the 2nd quarter valued at $90,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Lake Street Capital assumed coverage on Butterfly Network in a report on Tuesday, September 10th. They set a "buy" rating and a $3.00 price target for the company.

Butterfly Network Company Profile

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.