Key Points
- Butterfly Network CEO Joseph Devivo sold 35,790 shares at an average price of $10.02, generating $358,615.80. The sale was made under a pre-arranged Rule 10b5-1 plan and reduced his holdings by 0.49% to 7.31 million shares.
- Butterfly Network reported quarterly revenue of $32.61 million and an EPS loss of $0.01, beating analyst estimates of $29.16 million in revenue and a $0.04 loss. However, the company remains unprofitable, with a negative net margin of 66.74%.
- Analyst sentiment is generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $8.54; institutional investors and hedge funds own approximately 37.85% of the shares.
Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CEO Joseph Devivo sold 35,790 shares of Butterfly Network stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $10.02, for a total value of $358,615.80. Following the completion of the transaction, the chief executive officer owned 7,311,930 shares in the company, valued at $73,265,538.60. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $10.02, for a total transaction of $31,753.38.
- On Tuesday, September 22nd, Joseph Devivo sold 2,811 shares of Butterfly Network stock. The shares were sold at an average price of $10.00, for a total transaction of $28,110.00.
- 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 transaction of $684,143.46.
- On Monday, July 20th, Joseph Devivo sold 211,798 shares of Butterfly Network stock. The stock was sold at an average price of $6.56, for a total transaction of $1,389,394.88.
Butterfly Network Stock Down 3.3%
NYSE:BFLY opened at $8.00 on Friday. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of -27.57 and a beta of 2.04. Butterfly Network, Inc. has a 52 week low of $1.90 and a 52 week high of $10.21. The firm has a 50 day moving average of $8.48 and a 200 day moving average of $6.64.
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, topping the consensus estimate of ($0.04) by $0.03. The business had revenue of $32.61 million for 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, analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current year.
Institutional Investors Weigh In On Butterfly Network
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE raised its stake in Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company's stock worth $16,827,000 after acquiring an additional 1,728,938 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Butterfly Network during the 2nd quarter valued at about $4,878,000. Dimensional Fund Advisors LP grew its stake in Butterfly Network by 30.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company's stock valued at $9,524,000 after purchasing an additional 557,100 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Butterfly Network by 30.6% in the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company's stock valued at $9,288,000 after purchasing an additional 539,171 shares during the period. Finally, Polen Capital Management LLC acquired a new position in shares of Butterfly Network in the fourth quarter valued at about $1,797,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the company. Needham & Company LLC began coverage on Butterfly Network in a research note on Tuesday, September 22nd. They set a "buy" rating and a $10.00 target price on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a research note on Monday, August 3rd. TD Cowen reissued a "buy" rating and issued a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. Finally, Evercore started coverage on Butterfly Network in a research note on Tuesday, September 29th. They set an "outperform" rating and a $15.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Butterfly Network presently has an average rating of "Moderate Buy" and an average price target of $8.54.
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About Butterfly Network
(
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Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company's systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.
Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.
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