Insider Selling: Butterfly Network (NYSE:BFLY) CEO Sells $684,143.46 in Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 68,346 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $10.01, for a total value of $684,143.46. Following the completion of the sale, the chief executive officer owned 7,603,700 shares of the company’s stock, valued at approximately $76,113,037. This represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 value 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 value of $1,611,185.75.

Butterfly Network Stock Performance

Shares of NYSE:BFLY opened at $8.86 on Friday. Butterfly Network, Inc. has a 52-week low of $1.34 and a 52-week high of $10.05. The business’s 50 day simple moving average is $7.52 and its two-hundred day simple moving average is $5.32. The firm has a market cap of $2.36 billion, a P/E ratio of -30.54 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. On average, equities analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. KBC Group NV bought a new stake in Butterfly Network during the first quarter worth $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the 3rd quarter worth $25,000. BNP Paribas Financial Markets grew its stake in shares of Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after acquiring an additional 14,244 shares in the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of Butterfly Network in the fourth quarter valued at about $38,000. Finally, Sfmg LLC bought a new position in shares of Butterfly Network during the fourth quarter valued at about $39,000. Institutional investors own 37.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price 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.