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

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 3,169 shares of Butterfly Network stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 7,347,720 shares in the company, valued at approximately $73,624,154.40. This trade represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 transaction 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 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 transaction 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 Trading Up 2.3%

Shares of NYSE BFLY opened at $9.41 on Friday. The stock has a fifty day moving average price of $8.11 and a 200 day moving average price of $6.29. Butterfly Network, Inc. has a 12-month low of $1.87 and a 12-month high of $10.05. The company has a market cap of $2.51 billion, a P/E ratio of -32.45 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last issued 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 for the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently bought and sold shares of BFLY. State Street Corp raised 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 valued at $48,522,000 after purchasing an additional 223,012 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Butterfly Network by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after buying an additional 2,125 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Butterfly Network in the second quarter valued at $595,000. Squarepoint Ops LLC raised its holdings in Butterfly Network by 27.0% in the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock valued at $3,792,000 after acquiring an additional 95,850 shares in the last quarter. Finally, Corient Private Wealth LP acquired a new stake in Butterfly Network in the second quarter valued at $156,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network News Summary

Here are the key news stories impacting Butterfly Network this week:

• Positive Sentiment: Needham initiated coverage with a Buy rating and a $10 price target, providing fresh analyst support and suggesting additional upside from recent trading levels. Needham Initiates Butterfly Network at Buy With $10 Price Target
• Positive Sentiment: Institutional interest is reportedly increasing, with hedge fund holdings more than doubling in the latest coverage. That trend may reinforce investor confidence in Butterfly’s growth prospects and help explain the stock’s recent strength. Butterfly Network Gets New Buy Recommendation
• Positive Sentiment: Shares surged on above-average volume following the analyst upgrade, indicating strong market participation rather than a move driven solely by thin trading. Butterfly Network Surges 22 Percent
• Neutral Sentiment: Recent momentum may face a near-term hurdle from earnings-estimate trends. Zacks noted that the latest revisions may not support continued gains, creating a potential source of volatility despite the bullish analyst initiation. Zacks Butterfly Network Analysis
• Negative Sentiment: CEO Joseph DeVivo sold a combined 5,980 shares at approximately $10 per share. However, the sales reduced his direct ownership by only 0.08% and were executed under a Rule 10b5-1 plan, making them a relatively weak bearish signal. SEC Insider Transaction Filing

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BFLY. Needham & Company LLC assumed coverage on shares of Butterfly Network in a research report on Tuesday. They set a “buy” rating and a $10.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Finally, 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. Four 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, the stock has an average rating of “Moderate Buy” and an average price target of $7.25.

Butterfly Network Company Profile

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.