Butterfly Network (NYSE:BFLY) Shares Gap Down – Should You Sell?

Shares of Butterfly Network, Inc. (NYSE:BFLY) gapped down prior to trading on Friday . The stock had previously closed at $3.73, but opened at $3.00. Butterfly Network shares last traded at $3.33, with a volume of 2,310,096 shares.

Butterfly Network Price Performance

The firm’s 50-day moving average price is $3.91 and its 200-day moving average price is $2.73. The stock has a market cap of $772.35 million, a P/E ratio of -7.88 and a beta of 2.47.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Friday, February 28th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts expect that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Activity at Butterfly Network

In other news, insider Steve Cashman sold 164,079 shares of the 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 $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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Heather C. Getz sold 30,136 shares of the business’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 completion of the sale, the chief financial officer now owns 2,669,333 shares in the company, valued at $8,168,158.98. This represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Sound View Wealth Advisors Group LLC raised its position in Butterfly Network by 18.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 16,000 shares of the company’s stock valued at $50,000 after purchasing an additional 2,500 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in Butterfly Network by 23.9% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company’s stock valued at $74,000 after buying an additional 4,606 shares during the period. Kovitz Investment Group Partners LLC lifted its position in Butterfly Network by 37.0% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company’s stock worth $107,000 after buying an additional 9,250 shares during the last quarter. Hartline Investment Corp lifted its position in Butterfly Network by 87.0% in the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after buying an additional 10,000 shares during the last quarter. Finally, Ground Swell Capital LLC bought a new position in Butterfly Network during the fourth quarter valued at $32,000. Institutional investors 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.