Butterfly Network (NYSE:BFLY) Trading Down 4.6% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLYGet Free Report)’s share price was down 4.6% during mid-day trading on Wednesday . The stock traded as low as $2.87 and last traded at $2.91. 573,292 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,990,816 shares. The stock had previously closed at $3.05.

Analyst Upgrades and Downgrades

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

Check Out Our Latest Analysis on BFLY

Butterfly Network Trading Up 2.6 %

The business has a fifty day moving average price of $1.98 and a two-hundred day moving average price of $1.37. The company has a market cap of $666.88 million, a price-to-earnings ratio of -6.17 and a beta of 2.17.

Butterfly Network (NYSE:BFLYGet Free Report) last released its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. During the same quarter in the prior year, the firm earned ($0.13) EPS. On average, analysts anticipate that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, Director Larry Robbins bought 244,774 shares of the business’s stock in a transaction on Friday, August 30th. The shares were bought 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 in the company, valued at approximately $10,652,004.08. This represents a 2.52 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 27.28% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently bought and sold shares of BFLY. Vanguard Group Inc. raised its holdings in Butterfly Network by 2.9% during the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock valued at $8,516,000 after buying an additional 218,720 shares in the last quarter. Archon Capital Management LLC acquired a new stake in Butterfly Network during the first quarter worth about $352,000. Levin Capital Strategies L.P. grew its position in Butterfly Network by 93.3% during the first quarter. Levin Capital Strategies L.P. now owns 145,000 shares of the company’s stock worth $157,000 after buying an additional 70,000 shares in the last quarter. Cetera Advisors LLC acquired a new stake in Butterfly Network during the first quarter worth about $1,250,000. Finally, Renaissance Technologies LLC grew its position 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 buying an additional 108,944 shares in the last quarter. 37.85% of the stock is currently owned by institutional investors.

About Butterfly Network

(Get Free Report)

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.

See Also

Receive News & Ratings for Butterfly Network Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Butterfly Network and related companies with MarketBeat.com's FREE daily email newsletter.