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

Butterfly Network, Inc. (NYSE:BFLY) was down 6.1% during trading on Tuesday . The stock traded as low as $7.64 and last traded at $7.6060. 2,061,174 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 6,585,138 shares. The stock had previously closed at $8.10.

Analyst Ratings Changes

BFLY has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Butterfly Network currently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Price Performance

The company has a 50 day moving average of $5.99 and a two-hundred day moving average of $4.75. The company has a market capitalization of $1.86 billion, a PE ratio of -24.35 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $26.53 million during the quarter, compared to analyst estimates of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. On average, equities analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the sale, the insider owned 1,630,407 shares of the company’s stock, valued at $7,597,696.62. The trade was a 15.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John N. Doherty sold 55,229 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total transaction of $434,652.23. Following the transaction, the executive vice president directly owned 1,454,412 shares of the company’s stock, valued at $11,446,222.44. This represents a 3.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 736,367 shares of company stock worth $4,548,090 over the last 90 days. 21.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently added to or reduced their stakes in BFLY. Invesco Ltd. bought a new position in shares of Butterfly Network during the first quarter valued at $85,000. Goldman Sachs Group Inc. grew its position in Butterfly Network by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after purchasing an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Butterfly Network by 9,055.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock valued at $184,000 after purchasing an additional 91,012 shares in the last quarter. Legal & General Group Plc increased its stake in Butterfly Network by 136.5% during the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock valued at $414,000 after purchasing an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers purchased a new position in Butterfly Network in the second quarter worth about $475,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Company Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.