Insider Selling: Butterfly Network (NYSE:BFLY) CAO Sells 41,303 Shares of Stock

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

Butterfly Network Trading Down 7.8%

Shares of BFLY traded down $0.64 during midday trading on Tuesday, reaching $7.59. The stock had a trading volume of 7,640,061 shares, compared to its average volume of 6,606,430. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -25.29 and a beta of 2.05. The company’s 50-day moving average is $5.61 and its 200 day moving average is $4.55. Butterfly Network, Inc. has a 12-month low of $1.32 and a 12-month high of $9.69.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BFLY. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $5.56.

Hedge Funds Weigh In On Butterfly Network

A number of large investors have recently bought and sold shares of BFLY. Palumbo Wealth Management LLC increased its stake in shares of Butterfly Network by 182.9% in the fourth quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock worth $1,571,000 after buying an additional 267,238 shares during the period. Clough Capital Partners L P purchased a new stake in Butterfly Network during the 4th quarter valued at $845,000. Counterpoint Mutual Funds LLC bought a new stake in Butterfly Network in the 1st quarter worth $545,000. Keenan LLC bought a new stake in Butterfly Network in the 4th quarter worth $339,000. Finally, Polen Capital Management LLC purchased a new position in shares of Butterfly Network in the fourth quarter valued at about $1,797,000. 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.