Butterfly Network (NYSE:BFLY) CAO Sells 13,804 Shares

Key Points

• Butterfly Network CAO Megan Carlson sold 13,804 shares at an average price of $7.30, generating $100,769.20. The sale was made to cover tax withholding related to vested equity awards, leaving her with 412,085 shares.
• Butterfly Network shares recently traded at $7.49, down 0.5%, with a market capitalization of approximately $1.99 billion. The company’s latest quarterly results beat expectations, reporting a $0.01 adjusted loss per share versus the anticipated $0.04 loss and revenue of $32.61 million.
• Analysts have a consensus “Hold” rating and an average price target of $5.56, while institutional investors own 37.85% of the company. Butterfly Network remains unprofitable, with a negative net margin of 66.74%.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CAO Megan Carlson sold 13,804 shares of Butterfly Network stock in a transaction that occurred on Friday, September 4th. The shares were 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 owned 412,085 shares in the company, valued at $3,008,220.50. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 stock was sold at an average price of $7.96, for a total transaction of $328,771.88.

Butterfly Network Trading Down 0.5%

Shares of NYSE BFLY traded down $0.04 during mid-day trading on Wednesday, hitting $7.49. The company had a trading volume of 4,119,469 shares, compared to its average volume of 6,539,678. The company has a market capitalization of $1.99 billion, a PE ratio of -25.81 and a beta of 2.08. Butterfly Network, Inc. has a one year low of $1.47 and a one year high of $10.05. The firm has a 50-day simple moving average of $8.02 and a two-hundred day simple moving average of $5.91.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, beating analysts' consensus estimates 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%. Sell-side analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $5.56.

Hedge Funds Weigh In On Butterfly Network

A number of large investors have recently made changes to their positions in BFLY. Engineers Gate Manager LP acquired a new stake in Butterfly Network during the 2nd quarter worth approximately $595,000. Squarepoint Ops LLC boosted its stake in shares of Butterfly Network by 27.0% in the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company's stock valued at $3,792,000 after buying an additional 95,850 shares during the period. Corient Private Wealth LP acquired a new stake in Butterfly Network during the second quarter worth approximately $156,000. HighTower Advisors LLC increased its stake in Butterfly Network by 11.5% during the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company's stock worth $172,000 after acquiring an additional 2,110 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Butterfly Network during the 2nd quarter worth $100,000. 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.

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