Nicholas Caezza Sells 1,709 Shares of Butterfly Network (NYSE:BFLY) Stock

Key Points

• Butterfly Network General Counsel Nicholas Caezza sold 1,709 shares at an average price of $8.15, generating $13,928.35. The sale covered tax-withholding obligations tied to vested equity awards, leaving him with 305,166 shares.
• Butterfly Network shares rose 0.5% to $7.33, while the company’s latest quarterly results exceeded expectations with adjusted EPS of -$0.01 versus the estimated -$0.04 and revenue of $32.61 million versus $29.16 million expected.
• Analyst sentiment remains mixed, with an overall consensus rating of “Hold” and a $5.56 average price target; institutional investors and hedge funds own 37.85% of the company.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) General Counsel Nicholas Caezza sold 1,709 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $8.15, for a total transaction of $13,928.35. Following the transaction, the general counsel owned 305,166 shares of the company's stock, valued at approximately $2,487,102.90. This represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nicholas Caezza also recently made the following trade(s):

• On Tuesday, August 11th, Nicholas Caezza sold 10,000 shares of Butterfly Network stock. The shares were sold at an average price of $9.75, for a total transaction of $97,500.00.

Butterfly Network Stock Up 0.5%

Shares of NYSE BFLY traded up $0.04 during midday trading on Friday, reaching $7.33. 3,046,775 shares of the company were exchanged, compared to its average volume of 6,571,699. The stock's 50-day moving average price is $8.10 and its 200-day moving average price is $5.81. The stock has a market cap of $1.95 billion, a P/E ratio of -25.28 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.

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 company had revenue of $32.61 million during the quarter, compared to analysts' expectations 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 research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Institutional Trading of Butterfly Network

Institutional investors and hedge funds have recently bought and sold shares of the stock. KBC Group NV bought a new position in Butterfly Network during the 1st quarter worth $25,000. ExodusPoint Capital Management LP bought a new position in shares of Butterfly Network during the fourth quarter worth about $38,000. Sfmg LLC bought a new position in shares of Butterfly Network during the fourth quarter worth about $39,000. Sanctuary Advisors LLC acquired a new position in shares of Butterfly Network in the fourth quarter worth approximately $40,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Butterfly Network in the second quarter worth approximately $100,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three equities 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $5.56.

About Butterfly Network

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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