Butterfly Network (NYSE:BFLY) Shares Down 6.1% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY)’s share price fell 6.1% during trading on Tuesday . The stock traded as low as $3.94 and last traded at $3.97. 839,559 shares were traded during trading, a decline of 87% from the average session volume of 6,255,928 shares. The stock had previously closed at $4.23.

Analysts Set New Price Targets

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

Butterfly Network Trading Down 2.4 %

The stock has a market capitalization of $879.95 million, a P/E ratio of -8.98 and a beta of 2.45. The firm’s fifty day moving average is $3.06 and its 200-day moving average is $1.95.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same quarter in the previous year, the company posted ($0.13) earnings per share. Equities research analysts expect that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other news, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $92,216.16. Following the transaction, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the sale, the insider now owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP raised its holdings in shares of Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after acquiring an additional 248,201 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Butterfly Network by 1,045.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock worth $216,000 after purchasing an additional 234,530 shares during the last quarter. XTX Topco Ltd grew its position in Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after purchasing an additional 226,781 shares in the last quarter. Renaissance Technologies LLC lifted its position in Butterfly Network by 46.5% during the 2nd 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. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Butterfly Network during the 2nd quarter worth about $90,000. 37.85% of the stock is owned by institutional investors and hedge funds.

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.