Butterfly Network (NYSE:BFLY) Shares Gap Down – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) shares gapped down prior to trading on Friday . The stock had previously closed at $2.97, but opened at $2.87. Butterfly Network shares last traded at $2.88, with a volume of 640,133 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital began coverage on shares of Butterfly Network in a research note on Tuesday, September 10th. They set a “buy” rating and a $3.00 target price on the stock.

Butterfly Network Trading Up 4.0 %

The firm has a market capitalization of $658.36 million, a price-to-earnings ratio of -6.72 and a beta of 2.46. The stock’s fifty day moving average price is $2.68 and its two-hundred day moving average price is $1.74.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $20.56 million for the quarter, compared to analysts’ expectations of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same period last year, the firm earned ($0.13) earnings per share. Analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Procyon Advisors LLC lifted its position in shares of Butterfly Network by 7.3% during the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock worth $145,000 after buying an additional 5,600 shares during the last quarter. Hartline Investment Corp lifted its position in Butterfly Network by 87.0% in the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after acquiring an additional 10,000 shares during the last quarter. Quent Capital LLC lifted its position in Butterfly Network by 25.6% in the third quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock valued at $173,000 after acquiring an additional 20,000 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new position in Butterfly Network in the third quarter valued at $44,000. Finally, Barclays PLC grew its holdings in shares of Butterfly Network by 27,790.0% during the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after purchasing an additional 25,011 shares during the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

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.