Butterfly Network (NYSE:BFLY) Stock Price Down 6.4% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) dropped 6.4% on Tuesday . The stock traded as low as $8.40 and last traded at $8.3420. Approximately 3,170,746 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 6,470,927 shares. The stock had previously closed at $8.91.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BFLY shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research report on Monday, March 2nd. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Stock Down 5.6%

The company has a market cap of $2.14 billion, a P/E ratio of -28.15 and a beta of 2.22. The company has a 50 day moving average price of $5.36 and a 200-day moving average price of $4.38.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. On average, research analysts expect 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, 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 directly owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. The trade was a 15.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 21.99% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BFLY. KBC Group NV bought a new position in Butterfly Network during the 1st quarter valued at $25,000. Ameriprise Financial Inc. acquired a new position in shares of Butterfly Network during the 3rd quarter valued at $25,000. BNP Paribas Financial Markets raised its stake in shares of Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after buying an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC bought a new stake in shares of Butterfly Network in the 4th quarter worth $38,000. Finally, ExodusPoint Capital Management LP acquired a new stake in shares of Butterfly Network in the fourth quarter valued at $38,000. Institutional investors own 37.85% of the company’s stock.

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.