Director Larry Robbins Files to Sell $13.3M in Butterfly Network Stock
BFLY has more than doubled off its 52-week low of $1.32.
Summary
Director Larry Robbins filed a Form 144 to sell $13.3 million in Butterfly Network shares, continuing a pattern of significant insider selling even after strong Q2 results.
Key Events · Ownership and Investor Activity · BFLY
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Director Plans $13.3M Share Sale
Director Larry Robbins, via Glenview funds, filed to sell 1,876,292 shares worth approximately $13.3 million, acquired in a February 2021 private placement.
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Adds to Insider Selling Wave
This follows $7.2 million in open-market sales by five insiders over the past 90 days, including the CEO and founder, signaling broad-based distribution.
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Sale Follows Strong Q2 Results
The filing comes one day after Q2 revenue of $32.6M (up 39% YoY) and raised full-year guidance, potentially providing a favorable exit window.
Analysis · BFLY · Industrial Applications And Services
Director Larry Robbins, through his Glenview funds, intends to sell 1,876,292 shares worth approximately $13.3 million. This adds to a wave of insider selling over the past 90 days, including the CEO and founder, totaling over $7 million in open-market sales. The sale comes just one day after strong Q2 results that beat estimates and raised guidance, which may provide liquidity for the exit but also raises questions about insider conviction following the positive news.
At the time of this filing, BFLY was trading at $7.09 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $1.32 to $9.69. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.