Butterfly Network (NYSE:BFLY) CAO Sells $88,396.36 in Stock

Butterfly Network, Inc. (NYSE:BFLY) CAO Megan Carlson sold 10,114 shares of the business’s stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $8.74, for a total value of $88,396.36. Following the sale, the chief accounting officer directly owned 401,971 shares in the company, valued at $3,513,226.54. This trade represents a 2.45% decrease in their ownership of the stock. The sale 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.

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

• On Friday, September 4th, Megan Carlson sold 13,804 shares of Butterfly Network stock. The shares were sold at an average price of $7.30, for a total value of $100,769.20.
• 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 value of $541,176.72.

Butterfly Network Trading Down 3.3%

NYSE BFLY opened at $8.00 on Friday. Butterfly Network, Inc. has a 1 year low of $1.90 and a 1 year high of $10.21. The company has a market cap of $2.13 billion, a PE ratio of -27.57 and a beta of 2.04. The stock’s 50-day moving average price is $8.48 and its two-hundred day moving average price is $6.64.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. KBC Group NV acquired a new stake in Butterfly Network during the first quarter valued at $25,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Butterfly Network during the 2nd quarter worth about $100,000. Redwood Family Wealth LLC acquired a new stake in shares of Butterfly Network during the 4th quarter valued at about $46,000. NewEdge Wealth LLC bought a new stake in shares of Butterfly Network in the 1st quarter valued at approximately $53,000. Finally, Principal Financial Group Inc. grew its stake in shares of Butterfly Network by 24.0% in the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after buying an additional 2,753 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on BFLY shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. TD Cowen restated a “buy” rating and issued a $10.00 target price on shares of Butterfly Network in a report on Friday, September 11th. Evercore assumed coverage on Butterfly Network in a research report on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 target price for the company. Finally, Needham & Company LLC started coverage on Butterfly Network in a report on Tuesday, September 22nd. They set a “buy” rating and a $10.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Butterfly Network currently has an average rating of “Moderate Buy” and an average price target of $8.54.

About Butterfly Network

Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company’s systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.

Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.