Butterfly Network (NYSE:BFLY) EVP John Doherty Sells 50,000 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) EVP John Doherty sold 50,000 shares of the stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $7.00, for a total value of $350,000.00. Following the completion of the sale, the executive vice president directly owned 1,347,276 shares in the company, valued at $9,430,932. This represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Butterfly Network Stock Down 8.9%

• Can Butterfly Network Spread its Wings in 2023?

BFLY stock traded down $0.59 during mid-day trading on Friday, reaching $6.08. The company had a trading volume of 4,312,372 shares, compared to its average volume of 4,835,256. The stock has a market capitalization of $1.62 billion, a P/E ratio of -28.93 and a beta of 2.16. Butterfly Network, Inc. has a one year low of $1.90 and a one year high of $10.21. The stock's 50-day simple moving average is $7.68 and its two-hundred day simple moving average is $6.14.

---

---

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. The company had revenue of $32.60 million during the quarter, compared to the consensus estimate of $28.37 million. Butterfly Network had a negative net margin of 43.56% and a negative return on equity of 21.60%. On average, research analysts forecast that Butterfly Network, Inc. will post -0.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BFLY has been the topic of several recent research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a research report on Friday, October 30th. TD Cowen restated a "buy" rating and issued a $10.00 target price on shares of Butterfly Network in a research report on Friday, September 11th. Needham & Company LLC began coverage on shares of Butterfly Network in a research report on Tuesday, September 22nd. They issued a "buy" rating and a $10.00 target price for the company. Evercore began coverage on shares of Butterfly Network in a research note on Tuesday, September 29th. They issued an "outperform" rating and a $15.00 price target on the stock. Finally, Canaccord Genuity Group initiated coverage on Butterfly Network in a report on Monday, October 12th. They set a "buy" rating and a $10.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $8.75.

Read Our Latest Stock Analysis on Butterfly Network

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BFLY. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in shares of Butterfly Network by 4.9% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company's stock worth $358,000 after purchasing an additional 2,000 shares in the last quarter. HighTower Advisors LLC lifted its stake in Butterfly Network by 11.5% during the second quarter. HighTower Advisors LLC now owns 20,430 shares of the company's stock valued at $172,000 after purchasing an additional 2,110 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Butterfly Network by 4.0% during the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company's stock valued at $466,000 after purchasing an additional 2,125 shares during the last quarter. Tocqueville Asset Management L.P. lifted its stake in Butterfly Network by 1.5% during the third quarter. Tocqueville Asset Management L.P. now owns 177,350 shares of the company's stock valued at $1,589,000 after purchasing an additional 2,550 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Butterfly Network by 24.0% during the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company's stock worth $58,000 after buying an additional 2,753 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company's stock.

Butterfly Network Company Profile

(Get Free Report)

Butterfly Network develops portable ultrasound technology for healthcare professionals. Its handheld devices use the company's semiconductor-based Ultrasound-on-Chip technology to produce ultrasound images and connect with compatible mobile devices, offering an alternative to larger, cart-based systems. The company's products include the Butterfly iQ line of handheld ultrasound devices, along with software and cloud-based tools for viewing, managing and sharing medical images. Its offerings are designed for use across a range of clinical settings and applications.

Recommended Stories

• Five stocks we like better than Butterfly Network
• Intuitive Machines’ Business Is Taking Off—Will Its Stock Follow?
• The Next Big Thing May Not Be One Thing: Inside Lazard's Megatrends ETF
• 3 Power and Grid Stocks That Could Keep Growing Even if AI Spending Slows
• Applied Materials Beats and Raises, But Investors Stay Unconvinced

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].