Insider Selling: Butterfly Network (NYSE:BFLY) CEO Sells $635,106.00 in Stock

by · The Markets Daily

Butterfly Network, Inc. (NYSE:BFLY – Get Free Report) CEO Joseph Devivo sold 90,600 shares of the business’s stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $7.01, for a total transaction of $635,106.00. Following the transaction, the chief executive officer owned 7,221,330 shares in the company, valued at $50,621,523.30. This represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 shares were sold at an average price of $10.02, for a total value 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 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 transaction of $28,110.00.
  • On Monday, August 10th, Joseph Devivo sold 68,346 shares of Butterfly Network stock. The stock was sold at an average price of $10.01, for a total transaction of $684,143.46.

Butterfly Network Trading Down 10.4%

Butterfly Network stock opened at $6.07 on Friday. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -28.88 and a beta of 2.16. The stock’s 50 day moving average is $7.85 and its 200-day moving average is $6.07. Butterfly Network, Inc. has a 12 month low of $1.90 and a 12 month high of $10.21.

Butterfly Network (NYSE:BFLY – Get Free Report) 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. The business had revenue of $32.60 million for the quarter, compared to analyst estimates of $28.37 million. Butterfly Network had a negative net margin of 43.56% and a negative return on equity of 21.60%. As a group, equities research analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Friday, October 30th. Needham & Company LLC initiated coverage on Butterfly Network in a research note on Tuesday, September 22nd. They set a “buy” rating and a $10.00 target price for the company. Evercore began coverage on Butterfly Network in a research note on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 price target on the stock. TD Cowen reissued a “buy” rating and set a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. Finally, Canaccord Genuity Group initiated coverage on Butterfly Network in a report on Monday, October 12th. They set a “buy” rating and a $10.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $8.75.

Check Out Our Latest Stock Report on Butterfly Network

Hedge Funds Weigh In On Butterfly Network

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Butterfly Network by 4.0% during 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 period. Bank of America Corp DE increased its position in Butterfly Network by 71.0% in 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 acquiring an additional 1,728,938 shares during the period. Dimensional Fund Advisors LP increased its position in Butterfly Network by 30.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after acquiring an additional 557,100 shares during the period. Sei Investments Co. increased its position in Butterfly Network by 30.6% in the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock valued at $9,288,000 after acquiring an additional 539,171 shares during the period. Finally, Calamos Advisors LLC raised its stake in shares of Butterfly Network by 8.1% during the third quarter. Calamos Advisors LLC now owns 631,690 shares of the company’s stock valued at $5,660,000 after acquiring an additional 47,600 shares during the last quarter. Institutional investors own 37.85% of the company’s stock.

About Butterfly Network

(Get Free Report)

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.

See Also