Butterfly Network (NYSE:BFLY) General Counsel Nicholas Caezza Sells 10,000 Shares

Butterfly Network, Inc. (NYSE:BFLY) General Counsel Nicholas Caezza sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $9.75, for a total value of $97,500.00. Following the completion of the sale, the general counsel directly owned 300,307 shares in the company, valued at approximately $2,927,993.25. This represents a 3.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Butterfly Network Price Performance

Shares of NYSE BFLY traded up $0.11 during trading hours on Wednesday, hitting $9.48. 3,901,165 shares of the company’s stock were exchanged, compared to its average volume of 6,789,414. The company’s 50-day moving average price is $7.26 and its 200-day moving average price is $5.23. Butterfly Network, Inc. has a 1-year low of $1.34 and a 1-year high of $10.05. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of -32.69 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last released its earnings results 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 firm had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. On average, research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Hedge Funds Weigh In On Butterfly Network

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its stake in Butterfly Network by 4.9% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock worth $358,000 after buying an additional 2,000 shares during the last quarter. Principal Financial Group Inc. boosted its holdings 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 worth $58,000 after acquiring an additional 2,753 shares in the last quarter. Farther Finance Advisors LLC grew its position in Butterfly Network by 25.4% during the 4th quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock worth $58,000 after acquiring an additional 3,098 shares during the last quarter. Opal Wealth Advisors LLC increased its holdings in Butterfly Network by 10.1% during the 4th quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock valued at $139,000 after purchasing an additional 3,355 shares in the last quarter. Finally, Kestra Private Wealth Services LLC raised its position in Butterfly Network by 11.0% in the 4th quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock valued at $211,000 after purchasing an additional 5,500 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three research analysts have rated the stock with 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, the company presently has a consensus rating of “Hold” and an average price target of $5.56.

Butterfly Network Company Profile

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.