The cluster of open-market sales by two C-suite insiders, including the CEO, raises a caution flag. Although the dollar value as a % of market cap is borderline, the concentration at the top and the absence of disclosed buying plans suggest insiders may be reducing exposure ahead of potential headwinds. Monitor upcoming filings for earnings or 8-K disclosures and consider reducing long positions or initiating hedges until management provides an explanation.
Price Chart
Executive Summary
Two senior insiders at Butterfly Network, including CEO Joseph DeVivo and CAO Megan Carlson, sold a combined $1.94M in open-market sales within a week. The CEO's sale alone is over $1.6M, representing the largest insider sell-off in recent months at a $1.9B market cap company. This cluster of sales comes amid no disclosed negative news but suggests insiders are locking in gains after the stock's recent appreciation, warranting scrutiny.
Key Financial Metrics
Key Facts
- CEO Joseph DeVivo sold 204,725 shares at $7.873 for $1.61M on 2026-07-07.
- CAO Megan Carlson sold 41,300 shares at $7.96 for $329K on 2026-07-02.
- Total insider sales in this cluster: $1.94M, net direction selling.
- Sales represent approximately 0.1% of $1.9B market cap, at the upper boundary of routine.
- Previous 30-day insider activity showed only 2 sells totaling $1.9M, making this cluster a significant increase in selling intensity.
- All transactions were open-market sales (Code S), not tax-related or 10b5-1 plan sales.
Financial Impact
Insider sales of $1.94M, approximately 0.1% of market cap. CEO sale alone is 0.085% of market cap.
Risk Factors
- Insider sales may signal deteriorating business outlook or upcoming negative catalysts.
- CEO selling before a potential earnings miss or product delay could leave late sellers at a disadvantage.
- No offsetting insider buys to counterbalance the selling signal.
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-1783576952316 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 3 | $7.25 $7.47 | ▲ +3.03% | ▲ +2.61% | $7.13 (−1.72%) |
Oct 6, 2026 20d ago | 144 | $8.70 $8.27 | ▼ −4.94% | ▼ −4.70% | $7.13 (−18.10%) |
Oct 5, 2026 22d ago | 8-K | $9.38 $8.70 | ▼ −7.25% | ▼ −7.80% | $7.13 (−24.04%) |
Sep 23, 2026 4w ago | 144 | $9.41 $9.39 | ▼ −0.21% | ▼ −0.76% | $7.13 (−24.28%) |
Sep 22, 2026 4w ago | 144 | $9.20 $9.41 | ▲ +2.28% | ▲ +2.36% | $7.13 (−22.55%) |
Sep 9, 2026 6w ago | Insider Cluster | $7.12 $7.33 | ▲ +2.95% | ▲ +2.10% | $7.13 (+0.07%) |
Aug 17, 2026 10w ago | Insider Cluster | $9.00 $9.17 | ▼ −1.89% | ▼ −1.68% | $7.13 (+20.83%) |
Aug 17, 2026 10w ago | Insider Cluster | $9.00 $9.17 | ▼ −1.89% | ▼ −1.68% | $7.13 (+20.83%) |
Aug 15, 2026 10w ago | Institutional Cluster | $9.02 $9.00 | ▼ −0.22% | ▲ +0.45% | $7.13 (−21.01%) |
Aug 12, 2026 10w ago | Insider Cluster | $8.86 $8.84 | ▼ −0.23% | ▼ −0.03% | $7.13 (−19.58%) |
US Market Status
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