Butterfly Network (NYSE:BFLY) Stock Price Down 6.9% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price dropped 6.9% during mid-day trading on Friday . The company traded as low as $4.25 and last traded at $4.2350. Approximately 1,698,264 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 5,764,720 shares. The stock had previously closed at $4.55.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BFLY shares. Loop Capital set a $5.00 price target on Butterfly Network in a research report on Wednesday, December 31st. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Butterfly Network has a consensus rating of “Hold” and an average price target of $3.67.

Butterfly Network Trading Down 4.5%

The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -13.18 and a beta of 2.27. The firm has a fifty day simple moving average of $3.28 and a 200-day simple moving average of $2.37.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The company had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. On average, equities analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In other news, Director Jonathan M. Rothberg sold 1,110,579 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $3.15, for a total value of $3,498,323.85. Following the transaction, the director owned 769,814 shares of the company’s stock, valued at approximately $2,424,914.10. This trade represents a 59.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have sold 7,298,684 shares of company stock worth $24,281,944. Corporate insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently bought and sold shares of BFLY. Invesco Ltd. bought a new stake in shares of Butterfly Network during the 1st quarter valued at $85,000. Goldman Sachs Group Inc. grew its stake in shares of Butterfly Network by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after purchasing an additional 29,958 shares during the period. Lazari Capital Management Inc. increased its holdings in Butterfly Network by 53.1% in the second quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company’s stock valued at $57,000 after purchasing an additional 9,941 shares during the last quarter. Blair William & Co. IL increased its holdings in Butterfly Network by 14.5% in the second quarter. Blair William & Co. IL now owns 118,500 shares of the company’s stock valued at $237,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Huntleigh Advisors Inc. lifted its stake in Butterfly Network by 3.9% in the second quarter. Huntleigh Advisors Inc. now owns 395,616 shares of the company’s stock valued at $791,000 after buying an additional 14,875 shares during the period. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.