Butterfly Network (NYSE:BFLY) Stock: Insider Joseph Devivo Sells 3,169 Shares

Key Points

• CEO Joseph Devivo sold 3,169 Butterfly Network shares at an average price of $10.02, generating $31,753.38. The sale was conducted under a pre-arranged Rule 10b5-1 plan and reduced his holdings by 0.04%.
• Butterfly Network shares rose 2.3% to $9.41, near the company’s 52-week high of $10.05. The stock has a $2.51 billion market capitalization and remains unprofitable, with analysts expecting a full-year loss.
• Analyst sentiment is broadly favorable, with four Buy ratings, one Hold, and one Sell; the consensus rating is Moderate Buy, though the average price target of $7.25 is below the current share price.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CEO Joseph Devivo sold 3,169 shares of the firm's stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $10.02, for a total transaction of $31,753.38. Following the completion of the transaction, the chief executive officer owned 7,347,720 shares in the company, valued at $73,624,154.40. The trade was a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available 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 Tuesday, September 22nd, Joseph Devivo sold 2,811 shares of Butterfly Network stock. The stock was sold at an average price of $10.00, for a total value 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.
• 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 stock was sold at an average price of $7.87, for a total value of $1,611,185.75.

Butterfly Network Stock Up 2.3%

Butterfly Network stock traded up $0.21 on Thursday, hitting $9.41. The company's stock had a trading volume of 5,291,281 shares, compared to its average volume of 6,531,939. Butterfly Network, Inc. has a one year low of $1.87 and a one year high of $10.05. The firm has a market cap of $2.51 billion, a P/E ratio of -32.45 and a beta of 2.08. The company has a fifty day moving average price of $8.06 and a 200-day moving average price of $6.25.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.03. The company had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. Analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on BFLY. Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a research report on Monday, August 3rd. TD Cowen reiterated a "buy" rating and set a $10.00 target price on shares of Butterfly Network in a research report on Friday, September 11th. Finally, Needham & Company LLC started coverage on shares of Butterfly Network in a research report on Tuesday. They issued a "buy" rating and a $10.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Butterfly Network has an average rating of "Moderate Buy" and a consensus price target of $7.25.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently bought and sold shares of BFLY. State Street Corp increased its stake in shares of Butterfly Network by 4.0% in the second quarter. State Street Corp now owns 5,762,672 shares of the company's stock valued at $48,522,000 after buying an additional 223,012 shares in the last quarter. Bank of America Corp DE lifted its position in Butterfly Network by 71.0% during the 1st 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in Butterfly Network by 30.9% during the 1st 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 in the last quarter. Sei Investments Co. grew its holdings in Butterfly Network by 30.6% during the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company's stock worth $9,288,000 after acquiring an additional 539,171 shares during the last quarter. Finally, Perkins Capital Management Inc. grew its holdings in Butterfly Network by 0.8% during the 1st quarter. Perkins Capital Management Inc. now owns 930,930 shares of the company's stock worth $3,761,000 after acquiring an additional 7,150 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, 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.

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