Butterfly Network (NYSE:BFLY) Trading Down 7.8% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY) shares dropped 7.8% during trading on Monday . The company traded as low as $8.57 and last traded at $8.8010. 2,339,377 shares traded hands during trading, a decline of 65% from the average session volume of 6,675,796 shares. The stock had previously closed at $9.55.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Trading Up 1.2%

The firm has a market cap of $2.41 billion, a PE ratio of -31.22 and a beta of 2.09. The company has a 50-day simple moving average of $8.04 and a 200 day simple moving average of $5.57.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The firm had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. On average, equities analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Butterfly Network

In related news, CAO Megan Carlson sold 68,852 shares of Butterfly Network stock in a transaction on Friday, July 31st. The shares were sold at an average price of $7.86, for a total value of $541,176.72. Following the sale, the chief accounting officer owned 425,889 shares of the company’s stock, valued at approximately $3,347,487.54. This trade represents a 13.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director S. Louise Phanstiel bought 115,200 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was bought at an average price of $8.68 per share, for a total transaction of $999,936.00. Following the transaction, the director owned 300,461 shares of the company’s stock, valued at approximately $2,608,001.48. This trade represents a 62.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders sold 4,987,405 shares of company stock worth $32,975,004. 21.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

About Butterfly Network

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.