Butterfly Network (NYSE:BFLY) Trading Down 8.5% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) shares dropped 8.5% during trading on Friday . The stock traded as low as $7.47 and last traded at $7.4740. Approximately 1,408,642 shares traded hands during trading, a decline of 79% from the average session volume of 6,677,343 shares. The stock had previously closed at $8.17.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Butterfly Network currently has an average rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Price Performance

The firm has a market cap of $1.88 billion, a PE ratio of -24.68 and a beta of 2.05. The company’s 50 day moving average price is $6.61 and its 200 day moving average price is $4.99.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. Sell-side analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction on Monday, June 8th. The stock was sold at an average price of $4.66, for a total value of $1,373,208.80. Following the completion of the transaction, the insider directly owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joseph Devivo sold 211,798 shares of the business’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $6.56, for a total value of $1,389,394.88. Following the transaction, the chief executive officer directly owned 7,672,046 shares of the company’s stock, valued at $50,328,621.76. The trade was a 2.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 4,840,207 shares of company stock worth $31,652,184. 21.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Butterfly Network

Hedge funds have recently bought and sold shares of the stock. Invesco Ltd. acquired a new position in shares of Butterfly Network during the first quarter worth about $85,000. Goldman Sachs Group Inc. lifted its stake in Butterfly Network by 4.1% in 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. lifted its stake in Butterfly Network by 9,055.9% in 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 holdings in Butterfly Network by 136.5% during the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after acquiring an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers acquired a new position in Butterfly Network during the 2nd quarter worth approximately $475,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.