Butterfly Network (NYSE:BFLY) Hits New 1-Year Low After Insider Selling

Shares of Butterfly Network, Inc. (NYSE:BFLY) reached a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $2.23 and last traded at $2.33, with a volume of 1748618 shares trading hands. The stock had previously closed at $2.40.

Specifically, CEO Joseph Devivo sold 320,215 shares of the business’s stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $2.44, for a total value of $781,324.60. Following the completion of the transaction, the chief executive officer now directly owns 7,249,789 shares of the company’s stock, valued at approximately $17,689,485.16. The trade was a 4.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

Separately, William Blair began coverage on shares of Butterfly Network in a report on Monday, March 17th. They issued an “outperform” rating for the company.

Butterfly Network Price Performance

The firm has a 50 day moving average price of $2.63 and a 200-day moving average price of $3.05. The firm has a market cap of $566.01 million, a price-to-earnings ratio of -5.07 and a beta of 2.60.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BFLY. Bank of New York Mellon Corp raised its position in shares of Butterfly Network by 33.0% during the 1st quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company’s stock valued at $46,000 after acquiring an additional 5,010 shares during the last quarter. Huntleigh Advisors Inc. lifted its stake in Butterfly Network by 10.1% in the first quarter. Huntleigh Advisors Inc. now owns 380,741 shares of the company’s stock valued at $868,000 after buying an additional 35,053 shares during the period. Calamos Advisors LLC boosted its holdings in Butterfly Network by 115.3% during the first quarter. Calamos Advisors LLC now owns 362,571 shares of the company’s stock worth $827,000 after buying an additional 194,174 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Butterfly Network during the 1st quarter worth about $708,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of Butterfly Network in the 1st quarter valued at about $44,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.