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

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 68,346 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer directly owned 7,603,700 shares in the company, valued at $76,113,037. This represents a 0.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 stock was sold at an average price of $7.87, for a total transaction of $1,611,185.75.

Butterfly Network Stock Performance

Shares of NYSE:BFLY traded up $0.11 during trading hours on Wednesday, hitting $9.48. 3,900,444 shares of the company’s stock traded hands, compared to its average volume of 6,789,389. Butterfly Network, Inc. has a 52 week low of $1.34 and a 52 week high of $10.05. The company’s fifty day simple moving average is $7.26 and its two-hundred day simple moving average is $5.23. The company 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) last released its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $32.61 million for 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%. On average, analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BFLY. Vanguard Group Inc. raised its position in Butterfly Network by 4.3% during the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after buying an additional 453,258 shares during the period. ARK Investment Management LLC increased its holdings in shares of Butterfly Network by 1.6% in the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock valued at $23,729,000 after purchasing an additional 99,079 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Butterfly Network by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after purchasing an additional 75,243 shares during the period. Bank of America Corp DE grew its position in 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 purchasing an additional 1,728,938 shares in the last quarter. Finally, AWM Investment Company Inc. increased its stake in Butterfly Network by 750.0% in the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock valued at $12,920,000 after buying an additional 3,000,000 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.