Butterfly Network (NYSE:BFLY) Stock: Insider Joseph Devivo Sells 90,600 Shares

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 90,600 shares of the stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $7.01, for a total value of $635,106.00. Following the transaction, the chief executive officer owned 7,221,330 shares in the company, valued at $50,621,523.30. The trade was a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Tuesday, October 6th, Joseph Devivo sold 35,790 shares of Butterfly Network stock. The stock was sold at an average price of $10.02, for a total transaction of $358,615.80.
• 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 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 transaction of $28,110.00.
• 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.

Butterfly Network Stock Up 5.7%

Shares of NYSE BFLY opened at $6.76 on Thursday. The firm has a market cap of $1.80 billion, a PE ratio of -32.21 and a beta of 2.16. The company’s fifty day simple moving average is $7.90 and its 200 day simple moving average is $6.06. Butterfly Network, Inc. has a 12-month low of $1.90 and a 12-month high of $10.21.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, October 29th. 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 43.56% and a negative return on equity of 21.60%. The business had revenue of $32.60 million during the quarter, compared to analysts’ expectations of $28.37 million. On average, equities analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on BFLY shares. Evercore began coverage on Butterfly Network in a research note on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Friday, October 30th. TD Cowen reaffirmed a “buy” rating and set a $10.00 price target on shares of Butterfly Network in a research note on Friday, September 11th. Needham & Company LLC started coverage on Butterfly Network in a report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Canaccord Genuity Group began coverage on Butterfly Network in a research note on Monday, October 12th. They issued a “buy” rating and a $10.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $8.75.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BFLY. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its stake in Butterfly Network by 4.9% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock valued at $358,000 after purchasing an additional 2,000 shares during the last quarter. HighTower Advisors LLC increased its holdings in Butterfly Network by 11.5% during the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock worth $172,000 after purchasing an additional 2,110 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Butterfly Network by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after purchasing an additional 2,125 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Butterfly Network by 24.0% during the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock worth $58,000 after purchasing an additional 2,753 shares in the last quarter. Finally, AXQ Capital LP raised its stake in shares of Butterfly Network by 15.8% in the second quarter. AXQ Capital LP now owns 34,555 shares of the company’s stock worth $291,000 after purchasing an additional 4,716 shares during the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

About Butterfly Network

Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company’s core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems’ large arrays of piezoelectric transducers with a compact, software-driven probe.

Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.