Larry Robbins' concentrated selling of $20.6M in four days is a strong bearish signal at 0.86% of market cap. Monitor for an upcoming secondary offering or earnings miss — the cross-filing Amplifier verdicts suggest these context combinations are historically significant. The lone director buy from Phanstiel ($1M) does not offset the magnitude of Robbins' sales, especially with the CEO also selling near the recent range high. Prepare for potential near-term downside.
Price Chart
Executive Summary
A mixed insider cluster at Butterfly Network shows director Robbins selling ~$20.6M across four large open-market sales (Aug 13-17), while director Phanstiel purchased $1M worth at ~$8.68 on Aug 14. President & CEO DeVivo sold $684K on Aug 10, and Deputy General Counsel Caezza sold $98K on Aug 11. Despite the director buy from Phanstiel, the overwhelming dollar value and insider seniority on the sell side ($20.6M in sells vs $1M in a single buy) signals bearish conviction from the largest insider seller. At a $2.4B market cap, the cluster's total $21.6M in sells is ~0.9% of market cap — a significant signal per academic literature for insider sales, though Amplifier cross-filing verdicts push impact higher.
Key Financial Metrics
Key Facts
- Director Larry Robbins sold 2,297,733 shares total ($20.6M) across four open-market transactions Aug 13-17 at $8.86-$9.54.
- Director S. Louise Phanstiel purchased 115,200 shares ($1M) at $8.68 on Aug 14.
- President & CEO Joseph DeVivo sold 68,300 shares ($684K) at $10.01 on Aug 10.
- Deputy General Counsel Nicholas Caezza sold 10,000 shares ($98K) at $9.75 on Aug 11.
- Net cluster value: $21.6M in sells vs $1M buy = $20.6M net selling.
- Robbins alone sold ~0.86% of BFLY's $2.4B market cap — highly material.
- DeVivo's $684K sale at ~$10.01 is near the top of the recent trading range, suggesting opportunistic timing.
- Amplifier cross-filing verdicts (cluster + insider trades, cluster + offering context) increase impact to 7.
Financial Impact
Insider sells total $21.6M (0.9% of market cap), dominated by director Robbins
Risk Factors
- Robbins may signal fundamental concerns ahead of next earnings — lack of concurrent insider buying from other directors deepens bearish read.
- CEO DeVivo selling at ~$10.01 — near 52-week high — suggests insider view of peak valuation.
- Multiple executives (C-suite + director) selling in same window: despite Phanstiel's buy, cluster is heavily sell-weighted.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-BFLY-1787033880791 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 3 | $7.25 $7.47 | ▲ +3.03% | ▲ +2.61% | $6.66 (−8.14%) |
Oct 6, 2026 20d ago | 144 | $8.70 $8.27 | ▼ −4.94% | ▼ −4.70% | $6.66 (−23.45%) |
Oct 5, 2026 21d ago | 8-K | $9.38 $8.70 | ▼ −7.25% | ▼ −7.80% | $6.66 (−29.00%) |
Sep 23, 2026 4w ago | 144 | $9.41 $9.39 | ▼ −0.21% | ▼ −0.76% | $6.66 (−29.22%) |
Sep 22, 2026 4w ago | 144 | $9.20 $9.41 | ▲ +2.28% | ▲ +2.36% | $6.66 (−27.61%) |
Sep 9, 2026 6w ago | Insider Cluster | $7.12 $7.33 | ▲ +2.95% | ▲ +2.10% | $6.66 (−6.46%) |
Aug 17, 2026 10w ago | Insider Cluster | $9.00 $9.17 | ▼ −1.89% | ▼ −1.68% | $6.66 (+26.00%) |
Aug 17, 2026 10w ago | Insider Cluster | $9.00 $9.17 | ▼ −1.89% | ▼ −1.68% | $6.66 (+26.00%) |
Aug 15, 2026 10w ago | Institutional Cluster | $9.02 $9.00 | ▼ −0.22% | ▲ +0.45% | $6.66 (−26.16%) |
Aug 12, 2026 10w ago | Insider Cluster | $8.86 $8.84 | ▼ −0.23% | ▼ −0.03% | $6.66 (−24.83%) |
US Market Status
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