Key Points
- Butterfly Network CAO Megan Carlson sold 41,303 shares on July 2 at an average price of $7.96, for total proceeds of about $328,772. The company said the sale was made to cover tax withholding obligations tied to vested equity awards.
- After the transaction, Carlson still owned 465,906 shares, and the sale represented an 8.14% reduction in her holdings. The move was disclosed in a SEC filing.
- Butterfly Network shares were down 7.8% in the session referenced, while the stock has traded between a 12-month low of $1.32 and high of $9.69. Analysts currently rate the stock a consensus Hold with a $5.56 price target.
Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CAO Megan Carlson sold 41,303 shares of the company's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $7.96, for a total transaction of $328,771.88. Following the completion of the sale, the chief accounting officer directly owned 465,906 shares of the company's stock, valued at $3,708,611.76. The trade was a 8.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Butterfly Network Trading Down 7.8%
NYSE:BFLY opened at $7.59 on Wednesday. The company has a 50-day moving average of $5.66 and a 200-day moving average of $4.58. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -25.29 and a beta of 2.05. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $9.69.
Butterfly Network (NYSE:BFLY - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The business had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 million. On average, research analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.
Analyst Ratings Changes
BFLY has been the subject of a number of recent research reports. Zacks Research upgraded Butterfly Network from a "strong sell" rating to a "hold" rating in a research report on Friday, March 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Butterfly Network in a research report on Wednesday, May 6th. 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 data from MarketBeat, Butterfly Network currently has an average rating of "Hold" and a consensus price target of $5.56.
View Our Latest Stock Analysis on Butterfly Network
Institutional Trading of Butterfly Network
Several institutional investors have recently made changes to their positions in the stock. AWM Investment Company Inc. grew its stake in Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company's stock valued at $12,920,000 after purchasing an additional 3,000,000 shares in the last quarter. Bank of America Corp DE grew its holdings in Butterfly Network by 71.0% during the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company's stock valued at $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. First Light Asset Management LLC raised its holdings in Butterfly Network by 149.3% in the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company's stock worth $10,686,000 after acquiring an additional 1,684,133 shares during the period. Sei Investments Co. acquired a new stake in shares of Butterfly Network in the second quarter valued at about $2,183,000. Finally, Deutsche Bank AG increased its stake in shares of Butterfly Network by 156.7% in the fourth quarter. Deutsche Bank AG now owns 1,652,237 shares of the company's stock worth $6,279,000 after purchasing an additional 1,008,556 shares during the period. 37.85% of the stock is currently owned by institutional investors and hedge funds.
About Butterfly Network
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
