Butterfly Network (NYSE:BFLY) Stock Price Down 4.6% – What’s Next?

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

Analyst Ratings Changes

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

Butterfly Network Price Performance

The firm’s fifty day moving average is $2.03 and its two-hundred day moving average is $1.40. The firm has a market cap of $702.10 million, a price-to-earnings ratio of -7.16 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) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. The business had revenue of $20.56 million during the quarter, compared to analysts’ expectations 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 last year, the firm posted ($0.13) earnings per share. On average, equities analysts forecast that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Butterfly Network

In other Butterfly Network news, Director Larry Robbins bought 244,774 shares of Butterfly Network 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 owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. This represents a 2.52 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently modified their holdings of the stock. Hartline Investment Corp lifted its stake in Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after buying an additional 10,000 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new position in Butterfly Network during the 3rd quarter worth approximately $44,000. Barclays PLC raised its stake in Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares during the period. Verition Fund Management LLC purchased a new stake in shares of Butterfly Network in the third quarter valued at $57,000. Finally, Cannon Global Investment Management LLC acquired a new stake in shares of Butterfly Network in the third quarter worth $100,000. 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.