Butterfly Network (NYSE:BFLY) Stock Price Down 7.5% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY) shares fell 7.5% during trading on Monday . The company traded as low as $3.16 and last traded at $3.20. 678,612 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 2,124,106 shares. The stock had previously closed at $3.46.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital started coverage on Butterfly Network in a research report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 target price on the stock.

Butterfly Network Stock Down 5.5 %

The stock has a market cap of $696.71 million, a P/E ratio of -7.11 and a beta of 2.46. The business’s 50 day simple moving average is $2.83 and its two-hundred day simple moving average is $1.83.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. The company had revenue of $20.56 million during the quarter, compared to analysts’ expectations of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same period in the prior year, the company posted ($0.13) earnings per share. As a group, research analysts forecast that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the transaction, the chief financial officer now owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the sale, the insider now directly owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 195,911 shares of company stock worth $597,334. Insiders own 27.28% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

A number of large investors have recently made changes to their positions in the stock. Hartline Investment Corp grew its position in shares of Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after purchasing an additional 10,000 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new position in Butterfly Network during the third quarter worth about $44,000. Barclays PLC increased its stake in Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after acquiring an additional 25,011 shares during the last quarter. Verition Fund Management LLC purchased a new stake in shares of Butterfly Network in the 3rd quarter valued at about $57,000. Finally, Point72 DIFC Ltd boosted its position in shares of Butterfly Network by 1,271.4% during the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after acquiring an additional 71,773 shares during the last quarter. 37.85% of the stock is owned by institutional investors.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.