Insider Selling: Butterfly Network (NYSE:BFLY) General Counsel Sells 1,709 Shares

Butterfly Network, Inc. (NYSE:BFLY) General Counsel Nicholas Caezza sold 1,709 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $8.15, for a total transaction of $13,928.35. Following the sale, the general counsel owned 305,166 shares of the company’s stock, valued at approximately $2,487,102.90. This trade represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nicholas Caezza also recently made the following trade(s):

• On Tuesday, August 11th, Nicholas Caezza sold 10,000 shares of Butterfly Network stock. The shares were sold at an average price of $9.75, for a total transaction of $97,500.00.

Butterfly Network Stock Up 0.5%

BFLY traded up $0.04 during trading on Friday, reaching $7.33. 3,046,775 shares of the stock traded hands, compared to its average volume of 6,571,699. The stock’s 50-day moving average is $8.10 and its 200 day moving average is $5.81. Butterfly Network, Inc. has a 12 month low of $1.47 and a 12 month high of $10.05. The stock has a market capitalization of $1.95 billion, a PE ratio of -25.28 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $29.16 million. As a group, equities research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.56.

Institutional Trading of Butterfly Network

Several large investors have recently made changes to their positions in BFLY. Invesco Ltd. bought a new stake in Butterfly Network in the 1st quarter valued at about $85,000. Goldman Sachs Group Inc. boosted its holdings in Butterfly Network by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after acquiring an additional 29,958 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Butterfly Network by 9,055.9% in the second quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock worth $184,000 after acquiring an additional 91,012 shares in the last quarter. Legal & General Group Plc grew its stake in Butterfly Network by 136.5% in the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after acquiring an additional 119,455 shares during the period. Finally, Rhumbline Advisers acquired a new stake in Butterfly Network in the second quarter valued at approximately $475,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.