Butterfly Network (NYSE:BFLY) Stock: Insider Joseph Devivo Sells 35,790 Shares

Key Points

• CEO Joseph DeVivo sold 35,790 Butterfly Network shares at an average price of $10.02, totaling $358,615.80. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his ownership by 0.49%.
• BFLY shares fell 3.3% to $8.00, while the company remains unprofitable despite beating quarterly EPS and revenue estimates. Analysts hold a consensus “Moderate Buy” rating with an average price target of $8.54.
• Institutional investors own 37.85% of Butterfly Network, with several major firms—including Bank of America and Dimensional Fund Advisors—recently increasing their stakes.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CEO Joseph Devivo sold 35,790 shares of the firm's stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $10.02, for a total value of $358,615.80. Following the transaction, the chief executive officer directly owned 7,311,930 shares in the company, valued at $73,265,538.60. This trade represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 Wednesday, September 23rd, Joseph Devivo sold 3,169 shares of Butterfly Network stock. The stock was sold at an average price of $10.02, for a total value 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 value of $28,110.00.
• On Monday, August 10th, Joseph Devivo sold 68,346 shares of Butterfly Network stock. The shares were sold at an average price of $10.01, for a total value of $684,143.46.
• 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.

Butterfly Network Trading Down 3.3%

BFLY stock traded down $0.28 during midday trading on Thursday, hitting $8.00. The company had a trading volume of 6,971,282 shares, compared to its average volume of 6,493,625. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of -27.57 and a beta of 2.04. Butterfly Network, Inc. has a 52 week low of $1.90 and a 52 week high of $10.21. The stock's 50 day moving average price is $8.49 and its 200 day moving average price is $6.61.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $32.61 million for the quarter, compared to analysts' expectations of $29.16 million. Analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of Butterfly Network by 4.0% in the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company's stock worth $48,522,000 after purchasing an additional 223,012 shares during the period. Bank of America Corp DE increased its position in shares of Butterfly Network by 71.0% during the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company's stock valued at $16,827,000 after buying an additional 1,728,938 shares during the period. Dimensional Fund Advisors LP raised its stake in 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 in the last quarter. Sei Investments Co. raised its stake in Butterfly Network by 30.6% in the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company's stock worth $9,288,000 after buying an additional 539,171 shares in the last quarter. Finally, Perkins Capital Management Inc. lifted its holdings in Butterfly Network by 0.8% in the first quarter. Perkins Capital Management Inc. now owns 930,930 shares of the company's stock worth $3,761,000 after buying an additional 7,150 shares during the period. 37.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BFLY has been the topic of a number of analyst reports. TD Cowen restated a "buy" rating and issued a $10.00 price objective on shares of Butterfly Network in a research report on Friday, September 11th. Needham & Company LLC initiated coverage on shares of Butterfly Network in a report on Tuesday, September 22nd. They set a "buy" rating and a $10.00 target price for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a research note on Monday, August 3rd. Finally, Evercore started coverage on Butterfly Network in a report on Tuesday, September 29th. They set an "outperform" rating and a $15.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Butterfly Network currently has a consensus rating of "Moderate Buy" and an average price target of $8.54.

About Butterfly Network

Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company's systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.

Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.

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