Insider Selling: Butterfly Network (NYSE:BFLY) CAO Sells 10,114 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) CAO Megan Carlson sold 10,114 shares of the firm’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $8.74, for a total value of $88,396.36. Following the completion of the sale, the chief accounting officer owned 401,971 shares in the company, valued at $3,513,226.54. The trade was a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a legal 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, September 4th, Megan Carlson sold 13,804 shares of Butterfly Network stock. The stock was sold at an average price of $7.30, for a total transaction of $100,769.20.
• On Friday, July 31st, Megan Carlson sold 68,852 shares of Butterfly Network stock. The shares were sold at an average price of $7.86, for a total transaction of $541,176.72.

Butterfly Network Trading Down 7.5%

Butterfly Network stock traded down $0.71 during midday trading on Tuesday, reaching $8.67. 9,205,493 shares of the stock traded hands, compared to its average volume of 6,485,247. The firm has a fifty day moving average price of $8.44 and a two-hundred day moving average price of $6.55. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -29.91 and a beta of 2.04. Butterfly Network, Inc. has a fifty-two week low of $1.90 and a fifty-two week high of $10.21.

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

Wall Street Analysts Forecast Growth

BFLY has been the subject of several research analyst reports. Evercore initiated coverage on Butterfly Network in a report on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 price objective for the company. Needham & Company LLC initiated coverage on shares of Butterfly Network in a report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Finally, TD Cowen reiterated a “buy” rating and issued a $10.00 target price on shares of Butterfly Network in a report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $8.54.

Institutional Investors Weigh In On Butterfly Network

Several large investors have recently modified their holdings of BFLY. State Street Corp grew its holdings in shares of Butterfly Network by 4.0% in the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock worth $48,522,000 after acquiring an additional 223,012 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Butterfly Network by 71.0% in 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 period. Dimensional Fund Advisors LP boosted its position in shares of Butterfly Network by 30.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after purchasing an additional 557,100 shares during the period. Sei Investments Co. increased its stake in Butterfly Network by 30.6% in the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after purchasing an additional 539,171 shares in the last quarter. Finally, Perkins Capital Management Inc. raised its holdings in Butterfly Network by 0.8% during the 1st quarter. Perkins Capital Management Inc. now owns 930,930 shares of the company’s stock worth $3,761,000 after buying an additional 7,150 shares during the period. 37.85% of the stock is owned by institutional investors.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company’s systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.

Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.