Insider Selling: Butterfly Network (NYSE:BFLY) Insider Sells 140,112 Shares

Key Points

• Insider sale: Steve Cashman sold 140,112 Butterfly Network shares at an average price of $7.30, totaling approximately $1.02 million. The filing said the sale covered tax withholding obligations tied to vested equity awards, leaving him with 1,490,295 shares.
• Stock and financial performance: BFLY recently traded at $7.49, with a 52-week range of $1.47 to $10.05. In its latest quarter, Butterfly Network reported a smaller-than-expected loss of $0.01 per share and revenue of $32.61 million, though it continues to post negative profitability metrics.
• Analyst outlook: Analysts’ consensus rating is Hold, with an average price target of $5.56, below the reported trading price. Institutional investors and hedge funds own approximately 37.85% of the company.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) insider Steve Cashman sold 140,112 shares of the company's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $7.30, for a total value of $1,022,817.60. Following the completion of the sale, the insider directly owned 1,490,295 shares of the company's stock, valued at $10,879,153.50. The trade was a 8.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Stock Performance

Shares of BFLY stock traded down $0.04 during trading hours on Wednesday, reaching $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 P/E ratio of -25.81 and a beta of 2.08. Butterfly Network, Inc. has a twelve month low of $1.47 and a twelve month high of $10.05. The stock's fifty day simple moving average is $8.02 and its 200 day simple moving average is $5.91.

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

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors have recently made changes to their positions in BFLY. AWM Investment Company Inc. grew its position in shares of Butterfly Network by 750.0% during the fourth 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 in the last quarter. California State Teachers Retirement System raised its holdings in Butterfly Network by 18,362.3% in the second quarter. California State Teachers Retirement System now owns 1,957,928 shares of the company's stock valued at $16,486,000 after acquiring an additional 1,947,323 shares in the last quarter. Bank of America Corp DE raised its holdings in 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 boosted its stake in Butterfly Network by 149.3% during the 4th 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 during the last quarter. Finally, Sei Investments Co. acquired a new position in Butterfly Network during the 2nd quarter worth $2,183,000. 37.85% of the stock is owned by institutional investors and hedge funds.

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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