Megan Carlson Sells 68,852 Shares of Butterfly Network (NYSE:BFLY) Stock

Key Points

• Insider sale: Chief Accounting Officer Megan Carlson sold 68,852 Butterfly Network shares at an average price of $7.86, generating $541,176.72. The transaction reduced her holdings by 13.92%, leaving her with 425,889 shares.
• Stock performance and earnings: BFLY shares recently traded at $8.89, near their one-year high of $9.69. The company beat quarterly earnings and revenue expectations, reporting a loss of $0.01 per share and revenue of $32.61 million.
• Analyst outlook remains cautious: Butterfly Network has an average analyst rating of “Hold” and a consensus price target of $5.56, below its recent trading price. Institutional investors and hedge funds own 37.85% of the stock.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CAO Megan Carlson sold 68,852 shares of Butterfly Network stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $7.86, for a total value of $541,176.72. Following the completion of the sale, the chief accounting officer owned 425,889 shares of the company's stock, valued at approximately $3,347,487.54. The trade was a 13.92% 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.

Megan Carlson also recently made the following trade(s):

• On Thursday, July 2nd, Megan Carlson sold 41,303 shares of Butterfly Network stock. The shares were sold at an average price of $7.96, for a total transaction of $328,771.88.

Butterfly Network Price Performance

Shares of NYSE BFLY traded up $0.67 during mid-day trading on Tuesday, hitting $8.89. The company's stock had a trading volume of 10,447,670 shares, compared to its average volume of 6,816,488. Butterfly Network, Inc. has a one year low of $1.32 and a one year high of $9.69. The company's fifty day simple moving average is $6.74 and its 200-day simple moving average is $5.04. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -30.64 and a beta of 2.09.

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, topping analysts' consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. The business had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million.

Institutional Investors Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KBC Group NV acquired a new stake in shares of Butterfly Network in the first quarter valued at about $25,000. Ameriprise Financial Inc. acquired a new position in shares of Butterfly Network during the 3rd quarter worth approximately $25,000. BNP Paribas Financial Markets raised its stake in Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock valued at $33,000 after acquiring an additional 14,244 shares during the period. ExodusPoint Capital Management LP bought a new stake in Butterfly Network in the 4th quarter valued at $38,000. Finally, Sfmg LLC acquired a new stake in Butterfly Network during the 4th quarter valued at $39,000. 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 Wednesday, May 6th. Three equities 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $5.56.

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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