Victor Ku Sells 35,649 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) CTO Victor Ku sold 35,649 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total value of $280,557.63. Following the completion of the transaction, the chief technology officer directly owned 1,063,639 shares in the company, valued at $8,370,838.93. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Price Performance

Shares of NYSE:BFLY traded down $0.27 during mid-day trading on Wednesday, reaching $7.31. 5,775,350 shares of the company traded hands, compared to its average volume of 6,600,102. The company’s 50 day moving average price is $5.66 and its 200-day moving average price is $4.58. The firm has a market cap of $1.86 billion, a PE ratio of -24.37 and a beta of 2.05. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $9.69.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. On average, research analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently bought and sold shares of BFLY. Invesco Ltd. bought a new stake in Butterfly Network in the 1st quarter valued at $85,000. Goldman Sachs Group Inc. increased its holdings in shares of Butterfly Network by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after purchasing an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Butterfly Network by 9,055.9% in the second quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock worth $184,000 after buying an additional 91,012 shares in the last quarter. Legal & General Group Plc boosted its stake in Butterfly Network by 136.5% during the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after buying an additional 119,455 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in Butterfly Network during the 2nd quarter valued at approximately $475,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on BFLY shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Butterfly Network currently has a consensus rating of “Hold” and an average price target of $5.56.

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.