Butterfly Network (NYSE:BFLY) CEO Sells $1,389,394.88 in Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 211,798 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $6.56, for a total transaction of $1,389,394.88. Following the completion of the transaction, the chief executive officer owned 7,672,046 shares of the company’s stock, valued at $50,328,621.76. This trade represents a 2.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Tuesday, July 7th, Joseph Devivo sold 204,725 shares of Butterfly Network stock. The shares were sold at an average price of $7.87, for a total transaction of $1,611,185.75.

Butterfly Network Trading Up 16.9%

BFLY opened at $8.30 on Friday. The stock has a market capitalization of $2.11 billion, a P/E ratio of -27.67 and a beta of 2.05. Butterfly Network, Inc. has a 12 month low of $1.32 and a 12 month high of $9.69. The firm’s fifty day simple moving average is $6.61 and its 200 day simple moving average is $4.99.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02. The firm had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. On average, equities research analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, 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 assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.56.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. KBC Group NV acquired a new position in shares of Butterfly Network during the 1st quarter worth about $25,000. Ameriprise Financial Inc. bought a new stake in Butterfly Network during the third quarter worth about $25,000. BNP Paribas Financial Markets raised its holdings in Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after acquiring an additional 14,244 shares in the last quarter. ExodusPoint Capital Management LP acquired a new position in Butterfly Network during the fourth quarter valued at approximately $38,000. Finally, Sfmg LLC bought a new position in Butterfly Network in the fourth quarter valued at approximately $39,000. 37.85% of the stock is owned by institutional investors.

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.