Butterfly Network (NYSE:BFLY) CEO Sells $1,611,185.75 in Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 204,725 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total value of $1,611,185.75. Following the completion of the transaction, the chief executive officer directly owned 7,883,844 shares in the company, valued at $62,045,852.28. This represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Trading Down 3.5%

NYSE BFLY traded down $0.27 during trading hours on Wednesday, hitting $7.31. 5,775,350 shares of the company’s stock were exchanged, compared to its average volume of 6,600,102. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -24.37 and a beta of 2.05. The stock has a 50-day simple moving average of $5.66 and a 200 day simple moving average of $4.58. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $9.69.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The firm had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. On average, sell-side analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Trading of Butterfly Network

Several hedge funds have recently bought and sold shares of BFLY. FNY Investment Advisers LLC acquired a new position in Butterfly Network during the second quarter worth $463,000. Wisconsin Wealth Advisors LLC increased its position in shares of Butterfly Network by 33.3% during the second quarter. Wisconsin Wealth Advisors LLC now owns 40,000 shares of the company’s stock worth $337,000 after acquiring an additional 10,000 shares in the last quarter. 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 worth $16,827,000 after acquiring an additional 1,728,938 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Butterfly Network in the 1st quarter worth about $446,000. Finally, Quantinno Capital Management LP bought a new position in Butterfly Network in the 1st quarter valued at about $73,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus 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.