Butterfly Network (NYSE:BFLY) Stock: Insider Joseph Devivo Sells 2,811 Shares

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 2,811 shares of the company’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $10.00, for a total transaction of $28,110.00. Following the completion of the transaction, the chief executive officer owned 7,350,889 shares in the company, valued at approximately $73,508,890. This represents a 0.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 shares were sold at an average price of $10.02, for a total transaction of $31,753.38.
• On Monday, August 10th, Joseph Devivo sold 68,346 shares of Butterfly Network stock. The stock was sold at an average price of $10.01, for a total transaction of $684,143.46.
• On Monday, July 20th, Joseph Devivo sold 211,798 shares of Butterfly Network stock. The shares were 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 shares were sold at an average price of $7.87, for a total value of $1,611,185.75.

Butterfly Network Stock Up 2.3%

Shares of Butterfly Network stock traded up $0.21 on Thursday, reaching $9.41. The company’s stock had a trading volume of 5,291,281 shares, compared to its average volume of 6,531,939. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of -32.45 and a beta of 2.08. The firm’s fifty day simple moving average is $8.06 and its two-hundred day simple moving average is $6.25. Butterfly Network, Inc. has a 52 week low of $1.87 and a 52 week high of $10.05.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp grew its stake in shares of Butterfly Network by 4.0% during the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock valued at $48,522,000 after purchasing an additional 223,012 shares during the period. Bank of America Corp DE boosted its holdings in shares of Butterfly Network by 71.0% in the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after buying an additional 1,728,938 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Butterfly Network by 30.9% in the first 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 last quarter. Sei Investments Co. grew its position in Butterfly Network by 30.6% during the first 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 during the period. Finally, Perkins Capital Management Inc. increased its holdings in Butterfly Network by 0.8% during the first quarter. Perkins Capital Management Inc. now owns 930,930 shares of the company’s stock valued at $3,761,000 after buying an additional 7,150 shares during the last quarter. 37.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BFLY shares. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. TD Cowen reissued a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a report on Friday, September 11th. Finally, Needham & Company LLC assumed coverage on shares of Butterfly Network in a report on Tuesday. They issued a “buy” rating and a $10.00 target price on the stock. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $7.25.

About Butterfly Network

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.