Joseph Devivo Sells 204,725 Shares of Butterfly Network (NYSE:BFLY) Stock

Butterfly Network, Inc. (NYSE:BFLY) CEO Joseph Devivo sold 204,725 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total value of $1,611,185.75. Following the sale, the chief executive officer owned 7,883,844 shares in the company, valued at $62,045,852.28. The trade was a 2.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Stock Performance

Shares of NYSE:BFLY opened at $8.00 on Friday. The business has a fifty day moving average of $5.75 and a 200-day moving average of $4.64. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $9.69. The firm has a market cap of $2.04 billion, a PE ratio of -26.66 and a beta of 2.05.

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

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently modified their holdings of the business. AWM Investment Company Inc. boosted its stake in Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock valued at $12,920,000 after acquiring an additional 3,000,000 shares during the last quarter. Bank of America Corp DE raised its position in shares of Butterfly Network by 71.0% during 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. First Light Asset Management LLC lifted its stake in shares of Butterfly Network by 149.3% in the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock valued at $10,686,000 after purchasing an additional 1,684,133 shares during the period. Sei Investments Co. bought a new position in shares of Butterfly Network in the 2nd quarter worth $2,183,000. Finally, Deutsche Bank AG boosted its position in shares of Butterfly Network by 156.7% in the 4th quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock worth $6,279,000 after purchasing an additional 1,008,556 shares during the last quarter. 37.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.56.

About Butterfly Network

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.