Butterfly Network (NYSE:BFLY) CEO Joseph Devivo Sells 35,790 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 35,790 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $10.02, for a total value of $358,615.80. Following the transaction, the chief executive officer directly owned 7,311,930 shares in the company, valued at approximately $73,265,538.60. This represents a 0.49% decrease in their position. The transaction 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 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 value 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 value 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 value of $1,389,394.88.

Butterfly Network Trading Down 3.3%

NYSE:BFLY opened at $8.00 on Friday. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -27.57 and a beta of 2.04. Butterfly Network, Inc. has a twelve month low of $1.90 and a twelve month high of $10.21. The stock has a fifty day simple moving average of $8.48 and a 200-day simple moving average of $6.64.

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

Institutional Investors Weigh In On Butterfly Network

Large investors have recently modified their holdings of the business. KBC Group NV bought a new position in shares of Butterfly Network during the first quarter valued at approximately $25,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Butterfly Network in the second quarter worth approximately $100,000. Redwood Family Wealth LLC purchased a new stake in Butterfly Network during the fourth quarter worth $46,000. NewEdge Wealth LLC purchased a new stake in Butterfly Network during the first quarter worth $53,000. Finally, Principal Financial Group Inc. boosted its position in Butterfly Network by 24.0% during the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after acquiring an additional 2,753 shares in the last quarter. Institutional investors own 37.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Needham & Company LLC began coverage on shares of Butterfly Network in a research note on Tuesday, September 22nd. They set a “buy” rating and a $10.00 price target for the company. Weiss Ratings reissued 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, Evercore started coverage on Butterfly Network in a research report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Butterfly Network presently has a consensus rating of “Moderate Buy” and an average target price of $8.54.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company’s systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.

Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.