Officer Steven Cashman Files Intent to Sell $865K in BFLY Shares
Summary
An officer at Butterfly Network has filed a Form 144 to sell approximately $865,000 worth of shares, continuing a pattern of insider selling that has seen over $2.29 million in net insider distribution over the past 90 days.
Key Events
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Officer Files Intent to Sell
Steven Cashman, an officer at Butterfly Network, has filed a Form 144 indicating an intent to sell 184,680 shares of Class A common stock.
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Value of Proposed Sale
The proposed sale has an approximate market value of $865,447.77, based on the current stock price.
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Continuation of Selling Pattern
This filing follows previous sales by Steven Cashman, who sold 452,299 shares for $2,288,807.43 in the past three months. Overall, the company has seen a net insider distribution of over $2.29 million in the last 90 days.
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Shares Acquired Through Vesting
The shares intended for sale were acquired through restricted stock vesting on March 1, 2026, and April 28, 2026.
Analysis
This Form 144 indicates an officer's intent to sell a substantial amount of shares, adding to a recent pattern of insider selling at Butterfly Network. While the shares were acquired through vesting, the consistent disposition by an officer could be interpreted as a move to monetize compensation or a lack of conviction. This continued selling is noteworthy, especially following recent positive news regarding FDA clearance and strong Q1 results.
At the time of this filing, BFLY was trading at $4.73 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $1.32 to $5.72. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.