Butterfly Network (NYSE:BFLY) CAO Megan Carlson Sells 41,303 Shares

Butterfly Network, Inc. (NYSE:BFLY) CAO Megan Carlson sold 41,303 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $7.96, for a total value of $328,771.88. Following the sale, the chief accounting officer owned 465,906 shares in the company, valued at $3,708,611.76. The trade was a 8.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Price Performance

Shares of NYSE BFLY opened at $7.59 on Wednesday. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $9.69. The business’s fifty day moving average price is $5.66 and its two-hundred day moving average price is $4.58. The firm has a market capitalization of $1.93 billion, a PE ratio of -25.29 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $26.53 million during 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%. Equities research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BFLY. Principal Financial Group Inc. increased its stake in shares of Butterfly Network by 24.0% during the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after acquiring an additional 2,753 shares during the period. Farther Finance Advisors LLC boosted its stake in Butterfly Network by 25.4% during the 4th quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock valued at $58,000 after purchasing an additional 3,098 shares in the last quarter. Opal Wealth Advisors LLC boosted its stake in Butterfly Network by 10.1% during the 4th quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock valued at $139,000 after purchasing an additional 3,355 shares in the last quarter. Kestra Private Wealth Services LLC increased its position in shares of Butterfly Network by 11.0% during the 4th quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock valued at $211,000 after purchasing an additional 5,500 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Butterfly Network by 59.1% during the 1st quarter. SG Americas Securities LLC now owns 16,597 shares of the company’s stock valued at $67,000 after purchasing an additional 6,164 shares during the period. 37.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Butterfly Network has a consensus rating of “Hold” and a consensus 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.