Butterfly Network (NYSE:BFLY) Trading Down 7.5% – Should You Sell?

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

Wall Street Analysts Forecast Growth

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

Butterfly Network Trading Down 3.4 %

The firm has a fifty day simple moving average of $2.89 and a 200-day simple moving average of $1.86. The stock has a market cap of $664.75 million, a price-to-earnings ratio of -6.78 and a beta of 2.46.

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

Insiders Place Their Bets

In other news, insider Steve Cashman sold 164,079 shares of the firm’s 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 sale, the insider now owns 1,835,921 shares of the company’s stock, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the sale, the chief financial officer now owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. The trade was a 1.12 % 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

A number of large investors have recently bought and sold shares of the company. Procyon Advisors LLC lifted its position in 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 in the last quarter. Hartline Investment Corp increased 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 worth $38,000 after purchasing an additional 10,000 shares during the last quarter. Quent Capital LLC boosted its holdings in shares of Butterfly Network by 25.6% in the 3rd quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock valued at $173,000 after buying an additional 20,000 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in Butterfly Network in the third quarter valued at $44,000. Finally, Barclays PLC increased its stake in shares of Butterfly Network by 27,790.0% during the 3rd 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. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.