Butterfly Network (NYSE:BFLY) Stock Price Down 8% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY) dropped 8% during trading on Friday. The stock traded as low as $6.12 and last traded at $6.1350. Approximately 1,965,131 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 6,267,210 shares. The stock had previously closed at $6.67.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BFLY. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Friday, October 30th. Canaccord Genuity Group began coverage on Butterfly Network in a research report on Monday, October 12th. They set a “buy” rating and a $10.00 price objective for the company. Needham & Company LLC assumed coverage on Butterfly Network in a research report on Tuesday, September 22nd. They set a “buy” rating and a $10.00 price objective for the company. TD Cowen reissued a “buy” rating and issued a $10.00 price objective on shares of Butterfly Network in a report on Friday, September 11th. Finally, Evercore started coverage on Butterfly Network in a research report on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.75.

Butterfly Network Stock Down 8.6%

The business’s 50 day moving average is $7.70 and its two-hundred day moving average is $6.13. The firm has a market capitalization of $1.63 billion, a P/E ratio of -28.97 and a beta of 2.16.

Butterfly Network (NYSE:BFLY) last posted 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 business had revenue of $32.60 million during the quarter, compared to the consensus estimate of $28.37 million. Butterfly Network had a negative net margin of 43.56% and a negative return on equity of 21.60%. As a group, equities analysts anticipate that Butterfly Network, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In other news, insider Steve Cashman sold 140,112 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $7.30, for a total value of $1,022,817.60. Following the completion of the transaction, the insider directly owned 1,490,295 shares in the company, valued at $10,879,153.50. This trade represents a 8.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joseph Devivo sold 90,600 shares of the stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $7.01, for a total transaction of $635,106.00. Following the completion of the transaction, the chief executive officer owned 7,221,330 shares of the company’s stock, valued at $50,621,523.30. This trade represents a 1.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 298,109 shares of company stock valued at $2,279,497. Company insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its stake in Butterfly Network by 4.9% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock valued at $358,000 after purchasing an additional 2,000 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Butterfly Network by 11.5% in the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock worth $172,000 after buying an additional 2,110 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Butterfly Network by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after buying an additional 2,125 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Butterfly Network by 24.0% in the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock worth $58,000 after buying an additional 2,753 shares in the last quarter. Finally, AXQ Capital LP lifted its holdings in shares of Butterfly Network by 15.8% in the second quarter. AXQ Capital LP now owns 34,555 shares of the company’s stock valued at $291,000 after buying an additional 4,716 shares during the period. 37.85% of the stock is owned by institutional investors.

Butterfly Network Company Profile

Butterfly Network develops portable ultrasound technology for healthcare professionals. Its handheld devices use the company’s semiconductor-based Ultrasound-on-Chip technology to produce ultrasound images and connect with compatible mobile devices, offering an alternative to larger, cart-based systems. The company’s products include the Butterfly iQ line of handheld ultrasound devices, along with software and cloud-based tools for viewing, managing and sharing medical images. Its offerings are designed for use across a range of clinical settings and applications.