Butterfly Network (NYSE:BFLY) Shares Down 9.8% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY) shares were down 9.8% during mid-day trading on Friday. The company traded as low as $6.63 and last traded at $6.7750. 825,382 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 6,314,097 shares. The stock had previously closed at $7.51.

Analysts Set New Price Targets

Several analysts recently issued reports on BFLY shares. Canaccord Genuity Group began coverage on shares of Butterfly Network in a research report on Monday, October 12th. They set a “buy” rating and a $10.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. TD Cowen reiterated a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a research note on Friday, September 11th. Evercore initiated coverage on Butterfly Network in a research note on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 price objective on the stock. Finally, Needham & Company LLC started coverage on shares of Butterfly Network in a research report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Butterfly Network has an average rating of “Moderate Buy” and an average target price of $8.75.

Butterfly Network Stock Down 14.7%

The firm has a market capitalization of $1.71 billion, a PE ratio of -22.02 and a beta of 2.04. The company’s 50-day simple moving average is $8.12 and its 200 day simple moving average is $6.03.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, October 29th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.03. The company had revenue of $32.60 million during the quarter, compared to analyst estimates of $28.37 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Butterfly Network news, Director Louise Phanstiel bought 115,200 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average price of $8.68 per share, for a total transaction of $999,936.00. Following the completion of the purchase, the director directly owned 300,461 shares in the company, valued at $2,608,001.48. This trade represents a 62.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph Devivo sold 35,790 shares of the firm’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $10.02, for a total value of $358,615.80. Following the transaction, the chief executive officer directly owned 7,311,930 shares in the company, valued at approximately $73,265,538.60. This represents a 0.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 285,855 shares of company stock valued at $2,426,034 over the last 90 days. 21.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Butterfly Network

Several hedge funds and other institutional investors have recently bought and sold shares of BFLY. State Street Corp increased its holdings in shares of Butterfly Network by 4.0% during the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock valued at $48,522,000 after acquiring an additional 223,012 shares during the last quarter. Bank of America Corp DE raised its holdings in Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after acquiring an additional 1,728,938 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Butterfly Network by 30.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after buying an additional 557,100 shares during the period. Sei Investments Co. raised its holdings in shares of Butterfly Network by 30.6% in the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after buying an additional 539,171 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Butterfly Network during the 2nd quarter worth about $4,878,000. 37.85% of the stock is owned by institutional investors.

About Butterfly Network

Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company’s core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems’ large arrays of piezoelectric transducers with a compact, software-driven probe.

Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.