Insider Selling: Butterfly Network (NYSE:BFLY) General Counsel Sells 10,000 Shares of Stock

Key Points

• Butterfly Network’s general counsel Nicholas Caezza sold 10,000 shares at an average price of $9.75, totaling $97,500 and reducing his direct ownership by 3.22% to 300,307 shares.
• BFLY shares rose 1.2% to $9.48, near the company’s 52-week high, while its latest quarterly results beat expectations with a smaller-than-expected loss and revenue above analyst estimates.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $5.56 target price; institutional investors own 37.85% of the company.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) General Counsel Nicholas Caezza sold 10,000 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $9.75, for a total transaction of $97,500.00. Following the sale, the general counsel directly owned 300,307 shares in the company, valued at approximately $2,927,993.25. This trade represents a 3.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Butterfly Network Stock Up 1.2%

Shares of BFLY traded up $0.11 during mid-day trading on Wednesday, reaching $9.48. The company's stock had a trading volume of 3,901,165 shares, compared to its average volume of 6,789,414. The company has a market cap of $2.52 billion, a price-to-earnings ratio of -32.69 and a beta of 2.09. The business has a fifty day moving average of $7.26 and a 200 day moving average of $5.23. Butterfly Network, Inc. has a 1 year low of $1.34 and a 1 year high of $10.05.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The firm 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, analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently made changes to their positions in BFLY. Janus Henderson Group PLC bought a new stake in Butterfly Network during the first quarter worth approximately $446,000. Dimensional Fund Advisors LP grew its holdings in Butterfly Network by 30.9% during the first 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 last quarter. Clough Capital Partners L P bought a new position in shares of Butterfly Network in the fourth quarter valued at approximately $845,000. Sei Investments Co. lifted its stake in shares of Butterfly Network by 30.6% in the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company's stock worth $9,288,000 after buying an additional 539,171 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new stake in shares of Butterfly Network in the first quarter worth $545,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source