Megan Carlson Sells 41,303 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) CAO Megan Carlson sold 41,303 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $7.96, for a total transaction of $328,771.88. Following the sale, the chief accounting officer directly owned 465,906 shares of the company’s stock, valued at approximately $3,708,611.76. This trade represents a 8.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Stock Down 3.5%

Butterfly Network stock opened at $7.31 on Thursday. Butterfly Network, Inc. has a 12-month low of $1.32 and a 12-month high of $9.69. The firm’s fifty day moving average is $5.69 and its 200 day moving average is $4.61. The company has a market capitalization of $1.86 billion, a PE ratio of -24.37 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The business had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. Sell-side analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Trading of Butterfly Network

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BFLY. KBC Group NV bought a new position in shares of Butterfly Network in the first quarter valued at approximately $25,000. Wisconsin Wealth Advisors LLC bought a new stake in Butterfly Network during the fourth quarter worth $38,000. ExodusPoint Capital Management LP bought a new stake in Butterfly Network during the fourth quarter worth $38,000. Sfmg LLC purchased a new stake in Butterfly Network in the 4th quarter valued at $39,000. Finally, Sanctuary Advisors LLC purchased a new stake in Butterfly Network in the 4th quarter valued at $40,000. 37.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BFLY has been the topic of a number of recent research reports. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price 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.