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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Down 3.5%

Shares of Butterfly Network stock opened at $7.31 on Thursday. The business has a fifty day simple moving average of $5.69 and a two-hundred day simple moving average of $4.61. The firm has a market capitalization of $1.86 billion, a P/E ratio of -24.37 and a beta of 2.05. Butterfly Network, Inc. has a 12 month low of $1.32 and a 12 month high of $9.69.

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

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Butterfly Network

A number of institutional investors have recently added to or reduced their stakes in BFLY. Principal Financial Group Inc. lifted its position in shares of Butterfly Network by 24.0% in the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock worth $58,000 after buying an additional 2,753 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Butterfly Network by 25.4% during the fourth quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock valued at $58,000 after purchasing an additional 3,098 shares during the last quarter. Opal Wealth Advisors LLC raised its position in shares of Butterfly Network by 10.1% during the 4th quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock valued at $139,000 after buying an additional 3,355 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in Butterfly Network by 11.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock worth $211,000 after acquiring an additional 5,500 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in Butterfly Network by 59.1% during the first quarter. SG Americas Securities LLC now owns 16,597 shares of the company’s stock valued at $67,000 after purchasing an additional 6,164 shares during the period. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.