Insider Buying: Butterfly Network (NYSE:BFLY) Director Purchases $999,936.00 in Stock

Butterfly Network, Inc. (NYSE:BFLY) Director S. Louise Phanstiel purchased 115,200 shares of Butterfly Network stock in a transaction dated Friday, August 14th. The stock was acquired at an average cost of $8.68 per share, with a total value of $999,936.00. Following the completion of the acquisition, the director directly owned 300,461 shares in the company, valued at approximately $2,608,001.48. This trade represents a 62.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Butterfly Network Price Performance

Butterfly Network stock opened at $9.14 on Thursday. The stock’s 50 day moving average price is $7.76 and its 200 day moving average price is $5.42. Butterfly Network, Inc. has a 1-year low of $1.34 and a 1-year high of $10.05. The company has a market cap of $2.43 billion, a PE ratio of -31.51 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.03. The firm had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, equities research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Butterfly Network has a consensus rating of “Hold” and an average price target of $5.56.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Invesco Ltd. purchased a new stake in Butterfly Network during the first quarter valued at about $85,000. Goldman Sachs Group Inc. raised its holdings in shares of Butterfly Network by 4.1% in the 1st 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 period. JPMorgan Chase & Co. lifted its stake in shares of Butterfly Network by 9,055.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after purchasing an additional 91,012 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Butterfly Network by 136.5% in the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after purchasing an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of Butterfly Network during the 2nd quarter worth about $475,000. 37.85% of the stock is 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.