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

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 68,346 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $10.01, for a total transaction of $684,143.46. Following the transaction, the chief executive officer owned 7,603,700 shares of the company’s stock, valued at $76,113,037. The trade was a 0.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 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 Price Performance

Butterfly Network stock opened at $8.91 on Friday. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -30.72 and a beta of 2.09. The firm has a 50-day moving average of $7.43 and a 200-day moving average of $5.29. Butterfly Network, Inc. has a one year low of $1.34 and a one year high of $10.05.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%.The business had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. As a group, sell-side analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Butterfly Network currently has a consensus rating of “Hold” and an average target price of $5.56.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. acquired a new stake in Butterfly Network during the 1st quarter valued at $85,000. Goldman Sachs Group Inc. increased its holdings in shares of Butterfly Network by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after purchasing an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Butterfly Network by 9,055.9% in the second quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after purchasing an additional 91,012 shares during the period. Legal & General Group Plc lifted its stake in shares of Butterfly Network by 136.5% during the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after buying an additional 119,455 shares during the last quarter. Finally, Rhumbline Advisers bought a new stake in shares of Butterfly Network during the 2nd quarter worth about $475,000. 37.85% of the stock is currently 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.