Butterfly Network (NYSE:BFLY) CAO Sells $88,396.36 in Stock

Key Points

• Butterfly Network CAO Megan Carlson sold 10,114 shares at an average price of $8.74, generating $88,396.36. The sale was made to cover tax withholding tied to vested equity awards, leaving her with 401,971 shares.
• Shares fell 7.5% to $8.67, though the company recently exceeded quarterly earnings and revenue estimates. Butterfly reported an adjusted loss of $0.01 per share and revenue of $32.61 million.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an $8.54 price target, while institutional investors own 37.85% of the stock.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CAO Megan Carlson sold 10,114 shares of the business's stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $8.74, for a total transaction of $88,396.36. Following the transaction, the chief accounting officer directly owned 401,971 shares in the company, valued at approximately $3,513,226.54. The trade was a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 shares were 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 stock was sold at an average price of $7.86, for a total transaction of $541,176.72.

Butterfly Network Trading Down 7.5%

NYSE:BFLY traded down $0.71 on Tuesday, reaching $8.67. The stock had a trading volume of 9,205,493 shares, compared to its average volume of 6,485,247. The company has a 50-day moving average of $8.44 and a 200 day moving average of $6.55. The stock has a market cap of $2.31 billion, a P/E ratio of -29.91 and a beta of 2.04. Butterfly Network, Inc. has a 12-month low of $1.90 and a 12-month high of $10.21.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.03. The business had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, equities analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Janus Henderson Group PLC acquired a new position in Butterfly Network in the first quarter valued at approximately $446,000. Bank of America Corp DE raised its position 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 worth $16,827,000 after purchasing an additional 1,728,938 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Butterfly Network by 30.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company's stock worth $9,524,000 after purchasing an additional 557,100 shares during the period. Lotus Technology Management LP bought a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $1,378,000. Finally, Sei Investments Co. boosted its position in Butterfly Network by 30.6% during the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company's stock valued at $9,288,000 after purchasing an additional 539,171 shares during the period. 37.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BFLY has been the subject of a number of recent analyst reports. Evercore assumed coverage on shares of Butterfly Network in a research report on Tuesday, September 29th. They set an "outperform" rating and a $15.00 price target for the company. Needham & Company LLC initiated coverage on shares of Butterfly Network in a report on Tuesday, September 22nd. They set a "buy" rating and a $10.00 price objective for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Butterfly Network in a research note on Monday, August 3rd. Finally, TD Cowen reaffirmed a "buy" rating and set a $10.00 price target on shares of Butterfly Network in a research 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 assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $8.54.

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.

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