Butterfly Network (NYSE:BFLY) Stock Price Down 5.3% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) shares fell 5.3% during trading on Friday . The stock traded as low as $3.66 and last traded at $3.67. 1,403,489 shares changed hands during trading, a decline of 70% from the average session volume of 4,748,226 shares. The stock had previously closed at $3.88.

Butterfly Network Trading Down 5.4 %

The stock has a 50-day simple moving average of $3.34 and a two-hundred day simple moving average of $2.12.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The firm had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. During the same period in the previous year, the company posted ($0.13) earnings per share. On average, equities research analysts predict that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the sale, the insider now directly owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the transaction, the chief financial officer now directly owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. The trade was a 1.12 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently bought and sold shares of the company. Procyon Advisors LLC raised its stake in Butterfly Network by 7.3% in the third quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock valued at $145,000 after buying an additional 5,600 shares during the last quarter. Hartline Investment Corp increased its holdings in shares of Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after acquiring an additional 10,000 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Butterfly Network during the fourth quarter valued at about $46,000. Quent Capital LLC raised its position in shares of Butterfly Network by 25.6% in the 3rd quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock valued at $173,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new stake in Butterfly Network in the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

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.