In a recent transaction, Butterfly Network, Inc.'s (NYSE:BFLY) Chief Technology Officer, Stoica Andrei G, sold shares of the company's Class A Common Stock. The transaction, which took place on April 2, 2024, involved the sale of 1,778 shares at a weighted average price of $1.002 per share, totaling approximately $1.78K.
According to the details provided, the shares were sold at prices ranging from $1.00 to $1.02. The sale was part of a "sell-to-cover" policy adopted by Butterfly Network to satisfy tax withholding obligations related to the vesting of restricted stock units. The company noted that these sales were automatic and were not made at the discretion of the reporting person.
Following the transaction, Stoica Andrei G still owns a total of 1,497,558 shares of Butterfly Network's stock, directly holding onto his investment in the company. The sale represents a minor adjustment to the CTO's holdings, primarily for tax-related purposes.
Investors and followers of Butterfly Network will continue to monitor insider transactions as an indicator of executive confidence and company performance. Butterfly Network specializes in X-ray apparatus and tubes and related irradiation apparatus, a sector that often sees a high level of innovation and technological advancement.
InvestingPro Insights
In light of the recent insider transaction at Butterfly Network, Inc. (NYSE:BFLY), a close look at the company's financial metrics offers additional context to investors. According to InvestingPro data, Butterfly Network currently holds a market capitalization of approximately $206.05 million. The data also reveals a negative price-to-earnings (P/E) ratio, which stands at -1.54, suggesting that the company is not currently profitable. This aligns with the InvestingPro Tips, which indicate that analysts do not expect Butterfly Network to be profitable this year.
The company's revenue for the last twelve months as of Q4 2023 was reported at $65.9 million, with a gross profit margin of 25.58%. However, Butterfly Network experienced a revenue decline of 10.21% during the same period. This decline in revenue is further reflected in the company's stock performance, with a one-month price total return showing a decrease of 15.45%, underscoring the volatility mentioned in the InvestingPro Tips.
Despite the financial challenges, Butterfly Network holds a notable liquidity position. The company has more cash than debt on its balance sheet and its liquid assets exceed short-term obligations, which could provide some financial flexibility in the near term. These insights, along with over six additional InvestingPro Tips available at InvestingPro, can help investors make more informed decisions regarding their interest in Butterfly Network.
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