Key Points
- Butterfly Network insider Steve Cashman sold 294,680 shares on June 8 at an average price of $4.66, totaling about $1.37 million and cutting his ownership by 15.31%.
- Cashman also sold 104,781 shares on June 5 for roughly $519,714, adding to the recent insider selling activity in BFLY.
- Butterfly Network shares were up 7.0% and opened at $5.11, while analysts currently rate the stock a consensus "Hold" with an average price target of $5.56.
Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) insider Steve Cashman sold 104,781 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $4.96, for a total transaction of $519,713.76. Following the completion of the sale, the insider directly owned 1,925,087 shares of the company's stock, valued at approximately $9,548,431.52. This trade represents a 5.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Steve Cashman also recently made the following trade(s):
- On Monday, June 8th, Steve Cashman sold 294,680 shares of Butterfly Network stock. The shares were sold at an average price of $4.66, for a total transaction of $1,373,208.80.
Butterfly Network Price Performance
Butterfly Network stock opened at $5.11 on Wednesday. The firm has a 50 day simple moving average of $4.56 and a 200-day simple moving average of $3.98. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $5.72. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -17.04 and a beta of 2.22.
Butterfly Network (NYSE:BFLY - Get Free Report) last posted 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. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The business had revenue of $26.53 million during the quarter, compared to analysts' expectations of $26.08 million. Equities analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Butterfly Network
Hedge funds have recently made changes to their positions in the stock. KBC Group NV purchased a new position in shares of Butterfly Network during the 1st quarter worth approximately $25,000. Ameriprise Financial Inc. purchased a new position in shares of Butterfly Network during the 3rd quarter worth approximately $25,000. BNP Paribas Financial Markets boosted its position in shares of Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock worth $33,000 after purchasing an additional 14,244 shares during the period. Wisconsin Wealth Advisors LLC purchased a new position in shares of Butterfly Network during the 4th quarter worth approximately $38,000. Finally, ExodusPoint Capital Management LP purchased a new position in Butterfly Network in the 4th quarter valued at approximately $38,000. Hedge funds and other institutional investors own 37.85% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on BFLY. Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research report on Monday, March 2nd. Zacks Research raised shares of Butterfly Network from a "strong sell" rating to a "hold" rating in a research report on Friday, March 27th. Finally, TD Cowen increased their price objective on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $5.56.
Check Out Our Latest Stock Analysis on BFLY
About Butterfly Network
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
