In a recent transaction, Heather C. Getz, the Executive Vice President, Chief Financial Officer, and Chief Operating Officer of Butterfly Network, Inc. (NYSE:BFLY), sold a significant number of shares in the company. The sale, which took place on May 3, 2024, involved a total of 59,848 shares of Class A Common Stock at a weighted average price of $0.953 per share. This transaction resulted in a total sale value of approximately $57,035.
The shares were sold at varying prices ranging from $0.9101 to $0.9937. The company, which specializes in X-ray apparatus and related irradiation apparatus, has a policy in place known as "sell-to-cover," which is designed to meet the tax withholding obligations of its employees. According to the filed report, the sales made by Getz were part of this policy, automatically triggered to cover tax withholdings associated with the vesting of restricted stock units. This means that the decision to sell was not at the discretion of Getz but was a compulsory action to satisfy tax requirements.
Following the transaction, Getz continues to hold 2,699,469 shares of Butterfly Network's Class A Common Stock. This latest move by a top executive at Butterfly Network provides investors with insight into the trading activities of the company's insiders.
Investors and those interested in the detailed prices for each share sold can request full information from the U.S. Securities and Exchange Commission, Butterfly Network, Inc., or a security holder of the company.
InvestingPro Insights
As investors digest the news of Heather C. Getz's recent share sale at Butterfly Network, Inc. (NYSE:BFLY), it's important to consider the company’s financial health and market performance. According to InvestingPro data, Butterfly Network holds a market capitalization of $213.87 million, with a negative Price-to-Earnings (P/E) ratio of -1.72, suggesting that the company is not currently profitable. This aligns with one of the InvestingPro Tips indicating that analysts do not expect the company to be profitable this year.
Despite the lack of profitability, Butterfly Network's liquid assets exceed its short-term obligations, providing some financial stability. This is a key metric for investors to watch, as it indicates the company's ability to cover immediate liabilities. However, the company is quickly burning through cash, which is another critical point from the InvestingPro Tips that could impact the long-term sustainability of the business.
With regard to stock performance, Butterfly Network has experienced significant return over the last week with a 24.92% price total return, as per InvestingPro data. This volatility could be attractive to certain investors looking for short-term gains, yet it's important to note that the company's stock price movements have been quite volatile, which can introduce a higher level of risk.
For those interested in a deeper dive into Butterfly Network's financials and market performance, InvestingPro offers additional tips and insights. By using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to even more valuable information to guide investment decisions. Currently, there are 7 additional InvestingPro Tips available for Butterfly Network at https://www.investing.com/pro/BFLY.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.