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

Shares of Butterfly Network, Inc. (NYSE:BFLY) dropped 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.

Analyst Upgrades and Downgrades

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

Butterfly Network Trading Down 5.5 %

The company has a market cap of $696.71 million, a P/E ratio of -7.11 and a beta of 2.46. The company’s fifty day moving average is $2.83 and its 200 day moving average is $1.83.

Butterfly Network (NYSE:BFLY) last issued its earnings results 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. The company had revenue of $20.56 million during 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 in the prior year, the business posted ($0.13) EPS. Analysts anticipate that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In other news, CFO Heather C. Getz sold 30,136 shares of the business’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 transaction of $92,216.16. Following the transaction, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction on Friday, December 20th. The shares were 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 owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. This trade represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 195,911 shares of company stock valued at $597,334 in the last quarter. Company insiders own 27.28% of the company’s stock.

Institutional Trading of Butterfly Network

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in Butterfly Network by 4.0% during 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 during the period. Charles Schwab Investment Management Inc. lifted its position in 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. XTX Topco Ltd lifted its position in Butterfly Network by 169.7% during the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after acquiring an additional 226,781 shares during the period. Renaissance Technologies LLC boosted its stake in Butterfly Network by 46.5% during the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after acquiring an additional 108,944 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after purchasing an additional 248,201 shares in the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

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.