There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on May 27, Butterfly Network Inc's Director, Larry Robbins, invested $2,106,792.85 into 189,905 shares of BFLY, for a cost per share of $11.09. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Thursday, bargain hunters could buy shares of Butterfly Network Inc (NYSE:BFLY) and achieve a cost basis 9.3% cheaper than Robbins, with shares changing hands as low as $10.06 per share. Butterfly Network Inc shares are currently trading down about 0.4% on the day. The chart below shows the one year performance of BFLY shares, versus its 200 day moving average:
Looking at the chart above, BFLY's low point in its 52 week range is $9.20 per share, with $29.13 as the 52 week high point — that compares with a last trade of $10.29. By comparison, below is a table showing the prices at which BFLY insider buying was recorded over the last six months:
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