Butterfly Network (NYSE:BFLY) CAO Sells $100,769.20 in Stock

Butterfly Network, Inc. (NYSE:BFLY) CAO Megan Carlson sold 13,804 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $7.30, for a total transaction of $100,769.20. Following the completion of the sale, the chief accounting officer directly owned 412,085 shares of the company’s stock, valued at $3,008,220.50. This represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Megan Carlson also recently made the following trade(s):

• On Friday, July 31st, Megan Carlson sold 68,852 shares of Butterfly Network stock. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72.
• On Thursday, July 2nd, Megan Carlson sold 41,303 shares of Butterfly Network stock. The shares were sold at an average price of $7.96, for a total transaction of $328,771.88.

Butterfly Network Price Performance

BFLY opened at $7.33 on Friday. The company has a 50 day simple moving average of $7.99 and a two-hundred day simple moving average of $5.98. The firm has a market cap of $1.95 billion, a P/E ratio of -25.26 and a beta of 2.08. Butterfly Network, Inc. has a 1-year low of $1.52 and a 1-year high of $10.05.

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

Analyst Ratings Changes

Several brokerages have recently commented on BFLY. TD Cowen restated a “buy” rating and issued a $10.00 price objective on shares of Butterfly Network in a research report on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.56.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Butterfly Network by 4.3% during the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after acquiring an additional 453,258 shares in the last quarter. ARK Investment Management LLC lifted its stake in Butterfly Network by 1.6% in the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock worth $23,729,000 after purchasing an additional 99,079 shares in the last quarter. Geode Capital Management LLC lifted its stake in Butterfly Network by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after purchasing an additional 75,243 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Finally, AWM Investment Company Inc. boosted its holdings in shares of Butterfly Network by 750.0% during the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock valued at $12,920,000 after purchasing an additional 3,000,000 shares during the last quarter. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.