Insider Selling: Butterfly Network (NYSE:BFLY) CEO Sells 2,811 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 2,811 shares of the company’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $10.00, for a total value of $28,110.00. Following the completion of the sale, the chief executive officer owned 7,350,889 shares of the company’s stock, valued at $73,508,890. This trade represents a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joseph Devivo also recently made the following trade(s):

• On Wednesday, September 23rd, Joseph Devivo sold 3,169 shares of Butterfly Network stock. The shares were sold at an average price of $10.02, for a total value of $31,753.38.
• On Monday, August 10th, Joseph Devivo sold 68,346 shares of Butterfly Network stock. The shares were sold at an average price of $10.01, for a total value of $684,143.46.
• On Monday, July 20th, Joseph Devivo sold 211,798 shares of Butterfly Network stock. The stock was sold at an average price of $6.56, for a total value of $1,389,394.88.
• On Tuesday, July 7th, Joseph Devivo sold 204,725 shares of Butterfly Network stock. The stock was sold at an average price of $7.87, for a total value of $1,611,185.75.

Butterfly Network Price Performance

Shares of BFLY stock traded up $0.21 during trading hours on Thursday, reaching $9.41. 5,291,281 shares of the company traded hands, compared to its average volume of 6,531,939. Butterfly Network, Inc. has a 12-month low of $1.87 and a 12-month high of $10.05. The company has a market cap of $2.51 billion, a P/E ratio of -32.45 and a beta of 2.08. The firm has a 50-day moving average price of $8.06 and a 200 day moving average price of $6.25.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. Sell-side analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp increased its holdings in shares of Butterfly Network by 4.0% in the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock worth $48,522,000 after buying an additional 223,012 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Butterfly Network by 71.0% in the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after buying an additional 1,728,938 shares during the period. Dimensional Fund Advisors LP increased its stake in Butterfly Network by 30.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after purchasing an additional 557,100 shares during the period. Sei Investments Co. increased its stake in Butterfly Network by 30.6% in the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after purchasing an additional 539,171 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Butterfly Network during the second quarter worth $4,878,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Needham & Company LLC assumed coverage on shares of Butterfly Network in a research report on Tuesday. They set a “buy” rating and a $10.00 target price for the company. TD Cowen reissued a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a report on Friday, September 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Butterfly Network presently has a consensus rating of “Moderate Buy” and an average target price of $7.25.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.