Butterfly Network (NYSE:BFLY) CEO Joseph Devivo Sells 68,346 Shares

Key Points

• CEO Joseph Devivo sold 68,346 Butterfly Network shares at an average price of $10.01, generating $684,143.46. The transaction was made under a pre-arranged Rule 10b5-1 trading plan and reduced his direct ownership by 0.89%.
• Butterfly Network shares rose 1.2% to $9.48, near the company’s 12-month high of $10.05. The stock has climbed substantially from its 12-month low of $1.34, despite a negative net margin and negative return on equity.
• The company recently beat quarterly expectations, reporting revenue of $32.61 million and a loss of $0.01 per share versus the expected $0.04 loss. Analysts maintain a consensus “Hold” rating with an average price target of $5.56.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CEO Joseph Devivo sold 68,346 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $10.01, for a total value of $684,143.46. Following the transaction, the chief executive officer directly owned 7,603,700 shares in the company, valued at $76,113,037. This trade represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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.
• 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 transaction of $1,611,185.75.

Butterfly Network Stock Up 1.2%

Shares of BFLY traded up $0.11 during mid-day trading on Wednesday, reaching $9.48. 3,900,444 shares of the stock traded hands, compared to its average volume of 6,789,389. The stock has a fifty day simple moving average of $7.26 and a 200 day simple moving average of $5.23. Butterfly Network, Inc. has a 12-month low of $1.34 and a 12-month high of $10.05. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of -32.69 and a beta of 2.09.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. On average, equities research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $5.56.

Institutional Trading of Butterfly Network

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Butterfly Network by 4.3% in the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company's stock worth $21,307,000 after acquiring an additional 453,258 shares in the last quarter. ARK Investment Management LLC grew its position in shares of Butterfly Network by 1.6% during the fourth quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company's stock worth $23,729,000 after acquiring an additional 99,079 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Butterfly Network by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company's stock valued at $17,785,000 after purchasing an additional 75,243 shares during the period. Bank of America Corp DE increased its position in Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company's stock valued at $16,827,000 after acquiring an additional 1,728,938 shares during the period. Finally, AWM Investment Company Inc. increased its holdings in shares of Butterfly Network by 750.0% during the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company's stock valued at $12,920,000 after purchasing an additional 3,000,000 shares during the period. 37.85% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Company Profile

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.

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