Butterfly Network (NYSE:BFLY) CEO Joseph Devivo Sells 90,600 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 90,600 shares of the company’s stock in a transaction on Friday, October 30th. The shares were sold at an average price of $7.01, for a total value of $635,106.00. Following the completion of the sale, the chief executive officer directly owned 7,221,330 shares in the company, valued at $50,621,523.30. This trade represents a 1.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Joseph Devivo also recently made the following trade(s):

• On Tuesday, October 6th, Joseph Devivo sold 35,790 shares of Butterfly Network stock. The shares were sold at an average price of $10.02, for a total value of $358,615.80.
• 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 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.

Butterfly Network Stock Up 4.6%

Butterfly Network stock opened at $6.42 on Wednesday. The firm has a market capitalization of $1.71 billion, a PE ratio of -30.57 and a beta of 2.16. Butterfly Network, Inc. has a 52 week low of $1.90 and a 52 week high of $10.21. The firm’s 50-day simple moving average is $7.95 and its 200 day simple moving average is $6.05.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, October 29th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The firm had revenue of $32.60 million during the quarter, compared to the consensus estimate of $28.37 million. Butterfly Network had a negative net margin of 43.56% and a negative return on equity of 21.60%. On average, research analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on BFLY shares. Canaccord Genuity Group started coverage on shares of Butterfly Network in a research report on Monday, October 12th. They issued a “buy” rating and a $10.00 price target on the stock. TD Cowen restated a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a research report on Friday, September 11th. Needham & Company LLC initiated coverage on Butterfly Network in a research note on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 target price on the stock. Evercore initiated coverage on Butterfly Network in a research note on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $8.75.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BFLY. Bank of America Corp DE raised its holdings in Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after acquiring an additional 1,728,938 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Butterfly Network during the 2nd quarter worth $4,878,000. Dimensional Fund Advisors LP boosted its holdings in shares of Butterfly Network by 30.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after purchasing an additional 557,100 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Butterfly Network by 30.6% during the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after purchasing an additional 539,171 shares during the last quarter. Finally, Swiss National Bank acquired a new stake in shares of Butterfly Network during the first quarter worth $1,621,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company’s core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems’ large arrays of piezoelectric transducers with a compact, software-driven probe.

Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.