Megan Carlson Sells 13,804 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) CAO Megan Carlson sold 13,804 shares of the company’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $100,769.20. Following the completion of the sale, the chief accounting officer owned 412,085 shares in the company, valued at approximately $3,008,220.50. This trade represents a 3.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Friday, July 31st, Megan Carlson sold 68,852 shares of Butterfly Network stock. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72.
• 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 value of $328,771.88.

Butterfly Network Stock Down 4.7%

Shares of Butterfly Network stock opened at $7.11 on Friday. The business has a 50-day moving average price of $8.00 and a 200 day moving average price of $5.97. Butterfly Network, Inc. has a fifty-two week low of $1.47 and a fifty-two week high of $10.05. The firm has a market cap of $1.89 billion, a P/E ratio of -24.51 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. As a group, equities research analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Butterfly Network currently has an average rating of “Hold” and a consensus price target of $5.56.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in Butterfly Network by 4.9% during 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 buying an additional 2,000 shares during the period. HighTower Advisors LLC raised its position in shares of Butterfly Network by 11.5% during the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock worth $172,000 after buying an additional 2,110 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Butterfly Network by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after acquiring an additional 2,125 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Butterfly Network by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after acquiring an additional 2,125 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Butterfly Network by 24.0% in the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after acquiring an additional 2,753 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.