Butterfly Network (NYSE:BFLY) Shares Down 6.3% – What’s Next?

Shares of Butterfly Network, Inc. (NYSE:BFLY) dropped 6.3% during mid-day trading on Wednesday . The stock traded as low as $3.28 and last traded at $3.30. Approximately 1,271,834 shares changed hands during trading, a decline of 39% from the average daily volume of 2,086,689 shares. The stock had previously closed at $3.52.

Analysts Set New Price Targets

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

Butterfly Network Stock Down 7.1 %

The company has a market cap of $696.71 million, a price-to-earnings ratio of -7.11 and a beta of 2.46. The firm has a 50 day moving average price of $2.61 and a two-hundred day moving average price of $1.71.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share 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%. The business 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 posted ($0.13) EPS. On average, equities analysts expect that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Hedge Funds Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hartline Investment Corp grew its position in shares of Butterfly Network by 87.0% during the 3rd 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 period. Kovitz Investment Group Partners LLC acquired a new stake in Butterfly Network in the third quarter worth $44,000. Barclays PLC grew its holdings in Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after purchasing an additional 25,011 shares during the period. Verition Fund Management LLC bought a new stake in Butterfly Network in the third quarter valued at $57,000. Finally, Point72 DIFC Ltd raised its holdings in shares of Butterfly Network by 1,271.4% during the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after purchasing an additional 71,773 shares during the period. 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.