Joseph Devivo Sells 211,798 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 211,798 shares of Butterfly Network stock in a transaction on Monday, July 20th. The shares were sold at an average price of $6.56, for a total value of $1,389,394.88. Following the completion of the transaction, the chief executive officer owned 7,672,046 shares in the company, valued at $50,328,621.76. The trade was a 2.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Tuesday, July 7th, Joseph Devivo sold 204,725 shares of Butterfly Network stock. The shares were sold at an average price of $7.87, for a total value of $1,611,185.75.

Butterfly Network Trading Down 0.2%

NYSE:BFLY traded down $0.01 on Tuesday, reaching $7.06. The stock had a trading volume of 1,278,445 shares, compared to its average volume of 6,675,680. Butterfly Network, Inc. has a 12-month low of $1.32 and a 12-month high of $9.69. The company has a 50-day moving average of $6.42 and a 200 day moving average of $4.92. The stock has a market cap of $1.80 billion, a P/E ratio of -23.52 and a beta of 2.05.

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. 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 company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $5.56.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently made changes to their positions in the business. Palumbo Wealth Management LLC boosted its stake in shares of Butterfly Network by 182.9% in the 4th quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock valued at $1,571,000 after purchasing an additional 267,238 shares in the last quarter. Clough Capital Partners L P bought a new stake in shares of Butterfly Network during the fourth quarter worth approximately $845,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Butterfly Network during the first quarter worth $545,000. Keenan LLC bought a new stake in shares of Butterfly Network in the 4th quarter valued at about $339,000. Finally, DNB Asset Management AS increased its stake in Butterfly Network by 116.1% in the fourth quarter. DNB Asset Management AS now owns 780,335 shares of the company’s stock valued at $2,965,000 after purchasing an additional 419,197 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Key Butterfly Network News

Here are the key news stories impacting Butterfly Network this week:

• Positive Sentiment: Analysts are watching for continued momentum in Butterfly’s iQ3 handheld ultrasound system, Compass AI software adoption and growth in its Embedded business. Revenue is expected to increase approximately 21.5% in the second quarter, creating a potential catalyst if results and guidance meet or exceed expectations. Can AI Momentum and Embedded Growth Lift BFLY’s Q2 Results?
• Neutral Sentiment: Rothberg’s sales were conducted through pre-arranged 10b5-1 trading plans and were reportedly tied to estate planning, which reduces the likelihood that they reflect a negative view of Butterfly’s business. The company’s stock has also risen sharply over the past year, providing a possible explanation for the timing. Butterfly Network Founder Rothberg Sells Another 660,000 Shares. Should Investors Worry?
• Negative Sentiment: Rothberg sold approximately 3.79 million shares from July 17 through July 22 for about $25.0 million in total. The transactions reduced his direct ownership by roughly 95.7% from the July 17 filing and by 60.3% in the subsequent sale, leaving investors with a significant insider-selling signal and additional potential supply of shares.

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.