Butterfly Network (NYSE:BFLY) CEO Joseph Devivo Sells 204,725 Shares

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 204,725 shares of Butterfly Network stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total value of $1,611,185.75. Following the transaction, the chief executive officer directly owned 7,883,844 shares in the company, valued at approximately $62,045,852.28. The trade was a 2.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Down 3.5%

Butterfly Network stock traded down $0.27 during trading on Wednesday, hitting $7.31. 5,775,350 shares of the company were exchanged, compared to its average volume of 6,600,102. The company has a market capitalization of $1.86 billion, a P/E ratio of -24.37 and a beta of 2.05. The business’s 50 day moving average is $5.66 and its 200 day moving average is $4.58. Butterfly Network, Inc. has a 52 week low of $1.32 and a 52 week high of $9.69.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The company had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. Equities analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Hedge Funds Weigh In On Butterfly Network

Institutional investors have recently added to or reduced their stakes in the stock. AWM Investment Company Inc. raised its position in Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after acquiring an additional 3,000,000 shares during the period. Bank of America Corp DE increased its stake in shares of 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 worth $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. First Light Asset Management LLC raised its holdings in shares of Butterfly Network by 149.3% in the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock worth $10,686,000 after purchasing an additional 1,684,133 shares during the period. Sei Investments Co. bought a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $2,183,000. Finally, Deutsche Bank AG lifted its stake in Butterfly Network by 156.7% in the fourth quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock valued at $6,279,000 after purchasing an additional 1,008,556 shares during the last quarter. Institutional investors own 37.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on BFLY. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $5.56.

About Butterfly Network

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.