Butterfly Network (NYSE:BFLY) Trading Down 4.9% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price fell 4.9% during mid-day trading on Thursday . The stock traded as low as $2.52 and last traded at $2.53. 361,539 shares changed hands during trading, a decline of 82% from the average session volume of 1,959,145 shares. The stock had previously closed at $2.66.

Analysts Set New Price Targets

Separately, Lake Street Capital began coverage on shares of 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 Stock Down 8.4 %

The firm’s 50 day simple moving average is $1.94 and its 200 day simple moving average is $1.34. The company has a market capitalization of $499.63 million, a PE ratio of -5.10 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) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. The company had revenue of $20.56 million during 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 in the previous year, the firm earned ($0.13) earnings per share. As a group, sell-side analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity at Butterfly Network

In other news, Director Larry Robbins acquired 244,774 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average cost of $1.07 per share, for a total transaction 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 $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 can be accessed through the SEC website. 27.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Butterfly Network by 2.9% in the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock worth $8,516,000 after purchasing an additional 218,720 shares in the last quarter. Geode Capital Management LLC raised 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 worth $3,049,000 after purchasing an additional 65,425 shares in the last quarter. Cetera Advisors LLC bought a new position in Butterfly Network in the first quarter worth about $1,250,000. Charles Schwab Investment Management Inc. raised its holdings in Butterfly Network by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after purchasing an additional 35,800 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Butterfly Network by 15.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 421,296 shares of the company’s stock worth $455,000 after acquiring an additional 55,892 shares during the last quarter. 37.85% of the stock is currently owned by 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.