The CEO's first open-market sale in this window is a notable signal, as C-suite sales carry more weight than director sales per the academic literature. However, Rothberg's massive selling may be liquidity-driven given his 10% owner status. Monitor for any 8-K filing (earnings, guidance, or material agreement) in the next 2 weeks that could explain the concentrated selling.
Price Chart
Executive Summary
Insider selling cluster at Butterfly Network (BFLY) with CEO Joseph DeVivo and Director Jonathan Rothberg selling a combined $9.18M in open-market sales over a 7-day window. Rothberg alone sold ~4.6M shares worth $31.2M across five trades in the past week, while the CEO sold $1.39M. The selling represents approximately 0.51% of BFLY's $1.8B market cap, which is modest but notable given the CEO's participation and the concentrated selling by the company's largest insider. The cluster is amplified by the cross-filing context showing heavy prior insider selling ($53.4M over 30 days) and the actuarial verdicts confirming insider-trade clusters are amplified signals at this company.
Key Financial Metrics
Key Facts
- CEO Joseph DeVivo sold 211,798 shares for $1.39M on 2026-07-20
- Director Jonathan Rothberg sold 4,594,954 shares worth ~$31.2M across five trades from 2026-07-16 to 2026-07-21
- Total cluster value: $9.18M (0.51% of $1.8B market cap)
- Prior 30-day insider selling totaled $53.4M across 10 transactions
- All trades are open-market sales (code S) — no 10b5-1 plan indicated
Financial Impact
Insider selling of $9.18M in one week, representing 0.51% of market cap; cumulative 30-day selling of $62.6M (3.5% of market cap)
Risk Factors
- Sales may be pre-arranged under 10b5-1 plans not disclosed in the filing
- Rothberg's selling as a 10% owner/director may be for diversification rather than negative outlook
- BFLY has 91% analyst bullish consensus, creating potential contrarian risk if fundamentals remain strong
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-1784700182057 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 3 | $7.25 $7.47 | ▲ +3.03% | ▲ +2.61% | $7.20 (−0.76%) |
Oct 6, 2026 20d ago | 144 | $8.70 $8.27 | ▼ −4.94% | ▼ −4.70% | $7.20 (−17.30%) |
Oct 5, 2026 22d ago | 8-K | $9.38 $8.70 | ▼ −7.25% | ▼ −7.80% | $7.20 (−23.29%) |
Sep 23, 2026 4w ago | 144 | $9.41 $9.39 | ▼ −0.21% | ▼ −0.76% | $7.20 (−23.54%) |
Sep 22, 2026 4w ago | 144 | $9.20 $9.41 | ▲ +2.28% | ▲ +2.36% | $7.20 (−21.79%) |
Sep 9, 2026 6w ago | Insider Cluster | $7.12 $7.33 | ▲ +2.95% | ▲ +2.10% | $7.20 (+1.05%) |
Aug 17, 2026 10w ago | Insider Cluster | $9.00 $9.17 | ▼ −1.89% | ▼ −1.68% | $7.20 (+20.06%) |
Aug 17, 2026 10w ago | Insider Cluster | $9.00 $9.17 | ▼ −1.89% | ▼ −1.68% | $7.20 (+20.06%) |
Aug 15, 2026 10w ago | Institutional Cluster | $9.02 $9.00 | ▼ −0.22% | ▲ +0.45% | $7.20 (−20.23%) |
Aug 12, 2026 10w ago | Insider Cluster | $8.86 $8.84 | ▼ −0.23% | ▼ −0.03% | $7.20 (−18.79%) |
US Market Status
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