Insider Selling: Butterfly Network (NYSE:BFLY) CEO Sells 90,600 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 90,600 shares of the business’s stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $7.01, for a total transaction of $635,106.00. Following the completion of the transaction, the chief executive officer owned 7,221,330 shares in the company, valued at approximately $50,621,523.30. This trade represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Tuesday, October 6th, Joseph Devivo sold 35,790 shares of Butterfly Network stock. The stock was sold at an average price of $10.02, for a total transaction of $358,615.80.
• 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 transaction of $31,753.38.
• On Tuesday, September 22nd, Joseph Devivo sold 2,811 shares of Butterfly Network stock. The stock was sold at an average price of $10.00, for a total transaction 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.

Butterfly Network Price Performance

Shares of NYSE:BFLY traded up $0.28 during trading on Tuesday, reaching $6.42. The stock had a trading volume of 4,039,258 shares, compared to its average volume of 6,333,065. The stock has a market capitalization of $1.71 billion, a PE ratio of -30.57 and a beta of 2.04. Butterfly Network, Inc. has a 52 week low of $1.90 and a 52 week high of $10.21. The business’s 50-day moving average price is $8.00 and its 200 day moving average price is $6.05.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, October 29th. The company reported ($0.01) EPS for the quarter, topping 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 business had revenue of $32.60 million for the quarter, compared to analyst estimates of $28.37 million. Analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BFLY. Needham & Company LLC assumed coverage on Butterfly Network in a report on Tuesday, September 22nd. They set a “buy” rating and a $10.00 target price on the stock. TD Cowen reaffirmed a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. Evercore began coverage on shares of Butterfly Network in a research report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Friday. Finally, Canaccord Genuity Group began coverage on shares of Butterfly Network in a research report on Monday, October 12th. They issued a “buy” rating and a $10.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Butterfly Network currently has an average rating of “Moderate Buy” and an average price target of $8.75.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently bought and sold shares of the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its stake in Butterfly Network by 4.9% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock valued at $358,000 after acquiring an additional 2,000 shares during the last quarter. HighTower Advisors LLC grew its holdings in Butterfly Network by 11.5% during the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock worth $172,000 after acquiring an additional 2,110 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Butterfly Network by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after acquiring an additional 2,125 shares during the period. Principal Financial Group Inc. raised its position in shares of Butterfly Network by 24.0% during the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after acquiring an additional 2,753 shares during the last quarter. Finally, AXQ Capital LP raised its position in shares of Butterfly Network by 15.8% during the 2nd quarter. AXQ Capital LP now owns 34,555 shares of the company’s stock valued at $291,000 after acquiring an additional 4,716 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company’s core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems’ large arrays of piezoelectric transducers with a compact, software-driven probe.

Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.