Key Points
- Chief Accounting Officer Megan Carlson sold 10,114 shares of Butterfly Network at an average price of $8.74, totaling approximately $88,400. The sale reduced her holdings by 2.45% and was made to cover tax withholding on vested equity awards.
- Butterfly Network shares were trading near $8.67, with a market capitalization of about $2.31 billion and a 52-week range of $1.90 to $10.21. The company recently beat quarterly earnings and revenue expectations, though it remains unprofitable.
- Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and price targets ranging up to $15. Institutional investors own approximately 37.85% of the stock, with several firms increasing their positions.
Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CAO Megan Carlson sold 10,114 shares of Butterfly Network stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 401,971 shares of the company's stock, valued at approximately $3,513,226.54. This trade represents a 2.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 shares were sold at an average price of $7.86, for a total value of $541,176.72.
Butterfly Network Stock Down 7.5%
Shares of BFLY opened at $8.67 on Wednesday. The business has a fifty day moving average of $8.47 and a 200 day moving average of $6.58. The company has a market cap of $2.31 billion, a PE ratio of -29.91 and a beta of 2.04. Butterfly Network, Inc. has a 52-week low of $1.90 and a 52-week high of $10.21.
Butterfly Network (NYSE:BFLY - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. The business had revenue of $32.61 million for the quarter, compared to analysts' expectations of $29.16 million. As a group, research analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.
Key Stories Impacting Butterfly Network
Here are the key news stories impacting Butterfly Network this week:
- Positive Sentiment: New 52-week high: BFLY recently reached a new 52-week high, signaling strong momentum and investor interest in Butterfly’s semiconductor-based ultrasound, cloud software and artificial-intelligence offerings. Butterfly Network Sets New 52-Week High
- Positive Sentiment: Brain-computer interface partnership: Butterfly announced a research and development agreement with Bridge Neurotech to develop a fully non-invasive brain-computer interface through Butterfly Embedded. The agreement could expand Butterfly’s technology applications and create a potential long-term growth opportunity, although financial terms and near-term revenue impact were not disclosed. Bridge Neurotech and Butterfly Network Partnership
- Positive Sentiment: Analyst sentiment remains favorable: Brokerages collectively maintain a “Moderate Buy” consensus rating, which may help support investor confidence. Butterfly Network Receives Moderate Buy Rating
- Neutral Sentiment: Board appointment: Mike Noonen is scheduled to join Butterfly’s board on October 9 and serve on its Compensation and Technology committees. The appointment may add relevant technology and leadership expertise, but it does not immediately change the company’s financial outlook. Butterfly Network Appoints Mike Noonen
- Neutral Sentiment: Insider sale was tax-related: Chief Accounting Officer Megan Carlson sold 10,114 shares worth approximately $88,400, reducing her holdings by 2.45%. The filing stated that the sale covered tax withholding obligations tied to vested equity awards, making it less concerning than a discretionary sale based on a negative outlook. SEC Insider Trading Filing
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its position in Butterfly Network by 4.0% in the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company's stock valued at $48,522,000 after buying an additional 223,012 shares during the period. The Manufacturers Life Insurance Company grew its stake in 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 in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Butterfly Network during the second quarter worth approximately $595,000. Squarepoint Ops LLC increased its position in shares of Butterfly Network by 27.0% during the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company's stock worth $3,792,000 after acquiring an additional 95,850 shares during the period. Finally, Corient Private Wealth LP bought a new stake in shares of Butterfly Network during the second quarter valued at approximately $156,000. 37.85% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
BFLY has been the topic of a number of recent analyst reports. TD Cowen reissued a "buy" rating and issued a $10.00 price objective on shares of Butterfly Network in a research report on Friday, September 11th. Needham & Company LLC started coverage on Butterfly Network in a research report on Tuesday, September 22nd. They set a "buy" rating and a $10.00 target price for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Butterfly Network in a research note on Monday, August 3rd. Finally, Evercore assumed coverage on Butterfly Network in a report on Tuesday, September 29th. They issued an "outperform" rating and a $15.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $8.54.
Read Our Latest Analysis on BFLY
Butterfly Network Company Profile
(
Get Free Report)
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.
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