Butterfly Network (NYSE:BFLY) CEO Joseph Devivo Sells 3,169 Shares of Company Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 3,169 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $10.02, for a total value of $31,753.38. Following the sale, the chief executive officer directly owned 7,347,720 shares of the company’s stock, valued at $73,624,154.40. This represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 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.
• 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.
• 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 transaction 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. The company had a trading volume of 5,291,281 shares, compared to its average volume of 6,531,939. The company has a 50 day moving average of $8.06 and a 200 day moving average of $6.25. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -32.45 and a beta of 2.08. Butterfly Network, Inc. has a 1-year low of $1.87 and a 1-year high of $10.05.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of Butterfly Network by 71.0% during 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 in the last quarter. Bank of New York Mellon Corp acquired a new position in Butterfly Network during the 2nd quarter worth approximately $4,878,000. Dimensional Fund Advisors LP boosted its position in Butterfly Network by 30.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after acquiring an additional 557,100 shares during the last quarter. Sei Investments Co. grew its stake in shares of Butterfly Network by 30.6% during the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after acquiring an additional 539,171 shares in the last quarter. Finally, Polen Capital Management LLC bought a new position in shares of Butterfly Network during the 4th quarter worth approximately $1,797,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BFLY shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. TD Cowen restated a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a report on Friday, September 11th. Finally, Needham & Company LLC started coverage on shares of Butterfly Network in a report on Tuesday. They issued a “buy” rating and a $10.00 target price on the stock. 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, the stock presently has an average 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.