Insider Selling: Butterfly Network (NYSE:BFLY) CAO Sells 68,852 Shares

Butterfly Network, Inc. (NYSE:BFLY) CAO Megan Carlson sold 68,852 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72. Following the sale, the chief accounting officer owned 425,889 shares of the company’s stock, valued at approximately $3,347,487.54. This represents a 13.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

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

Butterfly Network Price Performance

Butterfly Network stock traded up $0.67 during trading hours on Tuesday, hitting $8.89. The company had a trading volume of 10,447,670 shares, compared to its average volume of 6,816,488. The firm has a market cap of $2.26 billion, a PE ratio of -30.64 and a beta of 2.09. Butterfly Network, Inc. has a one year low of $1.32 and a one year high of $9.69. The firm has a 50-day moving average of $6.74 and a 200 day moving average of $5.04.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%.The company had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed 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, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Butterfly Network currently has an average rating of “Hold” and a consensus target price of $5.56.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently added to or reduced their stakes in BFLY. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in shares of Butterfly Network by 4.9% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock valued at $358,000 after purchasing an additional 2,000 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Butterfly Network during the 2nd quarter worth $463,000. Wisconsin Wealth Advisors LLC lifted its position in shares of Butterfly Network by 33.3% during the 2nd quarter. Wisconsin Wealth Advisors LLC now owns 40,000 shares of the company’s stock worth $337,000 after buying an additional 10,000 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after buying an additional 1,728,938 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in Butterfly Network in the first quarter valued at about $446,000. 37.85% of the stock is currently owned by 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.