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 firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $7.96, for a total transaction of $328,771.88. Following the sale, the chief accounting officer owned 465,906 shares of the company’s stock, valued at approximately $3,708,611.76. The trade was a 8.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Down 7.8%

Shares of NYSE:BFLY traded down $0.64 during mid-day trading on Tuesday, reaching $7.59. The company had a trading volume of 7,640,061 shares, compared to its average volume of 6,606,430. Butterfly Network, Inc. has a one year low of $1.32 and a one year high of $9.69. The company’s 50-day moving average price is $5.61 and its 200-day moving average price is $4.55. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -25.29 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data 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. The business had revenue of $26.53 million during the quarter, compared to analyst estimates of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. On average, research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BFLY. Principal Financial Group Inc. raised its stake in Butterfly Network by 24.0% in the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after purchasing an additional 2,753 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Butterfly Network by 25.4% in the 4th quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock worth $58,000 after buying an additional 3,098 shares during the last quarter. Opal Wealth Advisors LLC increased its holdings in shares of Butterfly Network by 10.1% in the 4th quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after buying an additional 3,355 shares during the last quarter. Kestra Private Wealth Services LLC raised 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 buying an additional 5,500 shares in the last quarter. Finally, SG Americas Securities LLC raised 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 buying an additional 6,164 shares in the last quarter. 37.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BFLY has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.56.

About Butterfly Network

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.