Key Points
- CEO Joseph Devivo sold 68,346 Butterfly Network shares at an average price of $10.01, generating approximately $684,143. The transaction occurred under a pre-arranged Rule 10b5-1 plan, leaving him with 7.6 million shares.
- Butterfly Network shares opened at $9.48 and were up 1.2%, trading near their 52-week high of $10.05. The company recently exceeded quarterly revenue and earnings expectations, reporting $32.61 million in revenue and an adjusted loss of $0.01 per share.
- Analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $5.56, while institutional investors own 37.85% of the company.
Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) General Counsel Nicholas Caezza sold 10,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $9.75, for a total value of $97,500.00. Following the transaction, the general counsel directly owned 300,307 shares in the company, valued at $2,927,993.25. The trade was a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Butterfly Network Stock Performance
BFLY stock opened at $9.48 on Thursday. Butterfly Network, Inc. has a fifty-two week low of $1.34 and a fifty-two week high of $10.05. The business's 50-day moving average is $7.36 and its two-hundred day moving average is $5.26. The company has a market cap of $2.52 billion, a price-to-earnings ratio of -32.69 and a beta of 2.09.
Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly 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 during the quarter, compared to the consensus estimate of $29.16 million. Equities analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.
Analysts Set New Price Targets
Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Butterfly Network in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $5.56.
Get Our Latest Stock Analysis on BFLY
Institutional Investors Weigh In On Butterfly Network
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company's stock worth $21,307,000 after acquiring an additional 453,258 shares during the period. ARK Investment Management LLC increased its stake in shares of Butterfly Network by 1.6% in the fourth quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company's stock worth $23,729,000 after purchasing an additional 99,079 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Butterfly Network by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company's stock valued at $17,785,000 after purchasing an additional 75,243 shares during the period. Bank of America Corp DE lifted its stake 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 buying an additional 1,728,938 shares in the last quarter. Finally, AWM Investment Company Inc. lifted its stake in shares of Butterfly Network by 750.0% during the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company's stock valued at $12,920,000 after buying an additional 3,000,000 shares in the last quarter. 37.85% of the stock is owned by hedge funds and other institutional investors.
About Butterfly Network
(
Get Free Report)
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.
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