Butterfly Network (NYSE:BFLY) CAO Sells $328,771.88 in Stock

Butterfly Network, Inc. (NYSE:BFLY) CAO Megan Carlson sold 41,303 shares of the business’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $7.96, for a total transaction of $328,771.88. Following the transaction, the chief accounting officer owned 465,906 shares in the company, valued at $3,708,611.76. This represents a 8.14% decrease in their position. The sale was disclosed in a document filed 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 Price Performance

Shares of BFLY opened at $8.00 on Friday. The company has a 50-day simple moving average of $5.75 and a two-hundred day simple moving average of $4.64. The firm has a market capitalization of $2.04 billion, a PE ratio of -26.66 and a beta of 2.05. Butterfly Network, Inc. has a one year low of $1.32 and a one year high of $9.69.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. Analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. AWM Investment Company Inc. boosted its holdings in Butterfly Network by 750.0% in the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after buying an additional 3,000,000 shares during the period. Bank of America Corp DE lifted its position in shares of Butterfly Network by 71.0% in the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after acquiring an additional 1,728,938 shares in the last quarter. First Light Asset Management LLC lifted its position in shares of Butterfly Network by 149.3% in the fourth quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock valued at $10,686,000 after acquiring an additional 1,684,133 shares in the last quarter. Sei Investments Co. bought a new position in shares of Butterfly Network in the second quarter worth about $2,183,000. Finally, Deutsche Bank AG boosted its stake in shares of Butterfly Network by 156.7% in the fourth quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock worth $6,279,000 after acquiring an additional 1,008,556 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Wall Street Analysts Forecast Growth

BFLY has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average 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.