Butterfly Network (NYSE:BFLY) Shares Down 6.1% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price fell 6.1% on Tuesday . The stock traded as low as $3.94 and last traded at $3.97. 839,559 shares traded hands during trading, a decline of 87% from the average session volume of 6,255,928 shares. The stock had previously closed at $4.23.

Analyst Ratings Changes

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 on the stock.

Butterfly Network Trading Down 2.4 %

The firm has a market capitalization of $879.95 million, a price-to-earnings ratio of -8.98 and a beta of 2.45. The stock has a fifty day moving average of $3.06 and a 200-day moving average of $1.95.

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

Insiders Place Their Bets

In other Butterfly Network news, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the sale, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. This trade represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 27.28% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently bought and sold shares of the stock. Barclays PLC raised its holdings in Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after acquiring an additional 25,011 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 65,425 shares in the last quarter. XTX Topco Ltd lifted its position in Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after purchasing an additional 226,781 shares during the period. Kovitz Investment Group Partners LLC acquired a new stake in Butterfly Network during the third quarter worth $44,000. Finally, Verition Fund Management LLC acquired a new position in shares of Butterfly Network in the 3rd quarter valued at $57,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

About Butterfly Network

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.