Butterfly Network (NYSE:BFLY) CEO Joseph Devivo Sells 2,811 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 2,811 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $10.00, for a total value of $28,110.00. Following the completion of the sale, the chief executive officer directly owned 7,350,889 shares of the company’s stock, valued at approximately $73,508,890. This represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 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 value 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 value of $1,389,394.88.
• 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 value of $1,611,185.75.

Butterfly Network Price Performance

Shares of BFLY opened at $9.41 on Friday. The stock has a market capitalization of $2.51 billion, a PE ratio of -32.45 and a beta of 2.08. The business’s fifty day moving average price is $8.11 and its 200 day moving average price is $6.29. Butterfly Network, Inc. has a 12-month low of $1.87 and a 12-month 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 for the quarter, beating the consensus estimate of ($0.04) by $0.03. The firm had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. As a group, research analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BFLY has been the topic of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. TD Cowen reaffirmed a “buy” rating and set a $10.00 target price on shares of Butterfly Network in a report on Friday, September 11th. Finally, Needham & Company LLC assumed coverage on Butterfly Network in a research report on Tuesday. They set a “buy” rating and a $10.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $7.25.

Key Headlines Impacting Butterfly Network

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

Institutional Trading of Butterfly Network

A number of large investors have recently modified their holdings of the company. State Street Corp lifted its position in 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 during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Butterfly Network by 4.0% in the 2nd 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 in the last quarter. Engineers Gate Manager LP bought a new stake in Butterfly Network during the 2nd quarter valued at $595,000. Squarepoint Ops LLC boosted its position in Butterfly Network by 27.0% during the 2nd quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock worth $3,792,000 after acquiring an additional 95,850 shares during the period. Finally, Corient Private Wealth LP bought a new position in shares of Butterfly Network in the second quarter worth $156,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

About Butterfly Network

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.