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

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 90,600 shares of the company’s stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $7.01, for a total value of $635,106.00. Following the sale, the chief executive officer owned 7,221,330 shares of the company’s stock, valued at approximately $50,621,523.30. This trade represents a 1.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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 shares were 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 Stock Up 4.6%

BFLY stock traded up $0.28 during mid-day trading on Tuesday, reaching $6.42. 4,039,258 shares of the stock traded hands, compared to its average volume of 6,333,065. The firm has a market capitalization of $1.71 billion, a PE ratio of -30.57 and a beta of 2.04. The business has a 50-day moving average of $8.00 and a two-hundred day moving average of $6.05. Butterfly Network, Inc. has a 52 week low of $1.90 and a 52 week high of $10.21.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data 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. On average, equities research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE grew its stake in shares of 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 purchasing an additional 1,728,938 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Butterfly Network during the 2nd quarter worth approximately $4,878,000. Dimensional Fund Advisors LP lifted its position in shares of 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 buying an additional 557,100 shares during the period. Sei Investments Co. boosted its stake 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 buying an additional 539,171 shares in the last quarter. Finally, Swiss National Bank acquired a new stake in Butterfly Network in the 1st quarter valued at $1,621,000. 37.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BFLY. Needham & Company LLC began coverage on Butterfly Network in a research report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Friday. Evercore assumed coverage on shares of Butterfly Network in a research note on Tuesday, September 29th. They set an “outperform” rating and a $15.00 target price for the company. TD Cowen reissued a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. 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 target on the stock. One investment 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.75.

About Butterfly Network

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.