Butterfly Network (NYSE:BFLY) Stock: Insider Joseph Devivo Sells 35,790 Shares

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 35,790 shares of Butterfly Network stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $10.02, for a total value of $358,615.80. Following the sale, the chief executive officer owned 7,311,930 shares in the company, valued at $73,265,538.60. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $10.02, for a total value of $31,753.38.
• On Tuesday, September 22nd, Joseph Devivo sold 2,811 shares of Butterfly Network stock. The shares were sold at an average price of $10.00, for a total value of $28,110.00.
• 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 transaction 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 transaction of $1,389,394.88.

Butterfly Network Stock Performance

Shares of Butterfly Network stock traded down $0.28 during trading on Thursday, hitting $8.00. The company’s stock had a trading volume of 6,971,282 shares, compared to its average volume of 6,493,625. Butterfly Network, Inc. has a 52 week low of $1.90 and a 52 week high of $10.21. The company has a market capitalization of $2.13 billion, a PE ratio of -27.57 and a beta of 2.04. The company has a fifty day simple moving average of $8.49 and a two-hundred day simple moving average of $6.61.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $32.61 million for the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. As a group, analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Institutional Investors Weigh In On Butterfly Network

Institutional investors have recently made changes to their positions in the company. State Street Corp raised its holdings in 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 acquiring an additional 223,012 shares during the last quarter. Bank of America Corp DE boosted its stake in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Butterfly Network by 30.9% in the 1st 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 in the last quarter. Sei Investments Co. increased its holdings in shares of Butterfly Network by 30.6% in the 1st 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 in the last quarter. Finally, Perkins Capital Management Inc. raised its stake in shares of Butterfly Network by 0.8% in the first quarter. Perkins Capital Management Inc. now owns 930,930 shares of the company’s stock worth $3,761,000 after purchasing an additional 7,150 shares during the last quarter. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on BFLY shares. Needham & Company LLC began coverage on Butterfly Network in a research note on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price target on the stock. Evercore assumed coverage on Butterfly Network in a report on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Finally, TD Cowen restated a “buy” rating and set a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Butterfly Network currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.54.

Butterfly Network Company Profile

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.