Butterfly Network (NYSE:BFLY) Shares Down 4.3% – Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price fell 4.3% during mid-day trading on Tuesday . The stock traded as low as $3.12 and last traded at $3.14. 133,089 shares changed hands during trading, a decline of 93% from the average session volume of 2,023,420 shares. The stock had previously closed at $3.28.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital initiated coverage on shares of Butterfly Network in a report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 target price for the company.

Butterfly Network Stock Performance

The business has a 50-day simple moving average of $2.11 and a two-hundred day simple moving average of $1.45. The company has a market capitalization of $700.97 million, a price-to-earnings ratio of -7.16 and a beta of 2.17.

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, beating analysts’ consensus estimates of ($0.09) by $0.01. The firm had revenue of $20.56 million for the quarter, compared to analyst estimates 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 last year, the firm posted ($0.13) EPS. Research analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, Director Larry Robbins acquired 244,774 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were purchased at an average price of $1.07 per share, with a total value of $261,908.18. Following the completion of the acquisition, the director now directly owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. The trade was a 2.52 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Butterfly Network by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock valued at $8,516,000 after purchasing an additional 218,720 shares in the last quarter. Geode Capital Management LLC increased its holdings in Butterfly Network by 4.0% in the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after buying an additional 65,425 shares in the last quarter. Cetera Advisors LLC purchased a new position in Butterfly Network in the first quarter valued at about $1,250,000. Charles Schwab Investment Management Inc. lifted its position in shares of Butterfly Network by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock valued at $1,691,000 after acquiring an additional 35,800 shares during the period. Finally, XTX Topco Ltd boosted its stake in shares of Butterfly Network by 169.7% during the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after acquiring an additional 226,781 shares in the last quarter. 37.85% of the stock is currently owned by hedge funds and other 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.