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

Butterfly Network, Inc. (NYSE:BFLY)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $3.51, but opened at $3.40. Butterfly Network shares last traded at $4.00, with a volume of 2,867,154 shares changing hands.

Butterfly Network Price Performance

The stock has a market capitalization of $876.74 million, a price-to-earnings ratio of -8.97 and a beta of 2.45. The business’s fifty day moving average price is $3.50 and its 200-day moving average price is $2.27.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $20.56 million for the quarter, compared to analyst estimates 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 period last year, the company posted ($0.13) earnings per share. Equities research analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the sale, the chief financial officer now 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 legal filing with the SEC, which is available through this link. Also, insider Steve Cashman sold 164,079 shares of the business’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 transaction, the insider now directly owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

A number of large investors have recently modified their holdings of the stock. White Pine Capital LLC purchased a new position in shares of Butterfly Network during the 4th quarter worth approximately $398,000. Calamos Advisors LLC bought a new position in Butterfly Network in the fourth quarter worth $525,000. Baader Bank Aktiengesellschaft purchased a new position in Butterfly Network during the fourth quarter valued at $287,000. Kingswood Wealth Advisors LLC bought a new position in shares of Butterfly Network in the 4th quarter worth about $70,000. Finally, SG Americas Securities LLC purchased a new position in Butterfly Network during the 4th quarter valued at about $46,000. Institutional investors own 37.85% of the company’s stock.

About Butterfly Network

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.