S7 display changing on its own

New user here. Brand new S7 unit. The little display cycles between the default FX display (say, Echo + BPM + interval) and what would happen if you press the PANEL/UTILITY button (BT input setup, etc). It continues cycling this way until you press and hold the PANEL/UTILITY button. When you let go, then starts cycling again.

Should this unit be considered defective or is there some setup step I missed?

The following link is a gif of this happening. Note towards the beginning the odd light pattern the PANEL button makes. https://gfycat.com/potablebothbettong