Butterfly Network (NYSE:BFLY) Trading Down 6.1% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) traded down 6.1% during trading on Tuesday . The stock traded as low as $7.64 and last traded at $7.6060. 2,061,174 shares were traded during trading, a decline of 69% from the average daily volume of 6,585,138 shares. The stock had previously closed at $8.10.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Weiss Ratings reissued 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 given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Price Performance

The stock has a market capitalization of $1.96 billion, a P/E ratio of -25.73 and a beta of 2.05. The firm has a 50-day simple moving average of $5.88 and a 200 day simple moving average of $4.70.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The company had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. Sell-side analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other Butterfly Network news, CEO Joseph Devivo sold 204,725 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $7.87, for a total transaction of $1,611,185.75. Following the sale, the chief executive officer directly owned 7,883,844 shares of the company’s stock, valued at $62,045,852.28. The trade was a 2.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Megan Carlson sold 41,303 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $7.96, for a total transaction of $328,771.88. Following the transaction, the chief accounting officer directly owned 465,906 shares of the company’s stock, valued at $3,708,611.76. The trade was a 8.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 736,367 shares of company stock worth $4,548,090. Company insiders own 21.99% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. KBC Group NV bought a new stake in shares of Butterfly Network in the 1st quarter valued at about $25,000. Ameriprise Financial Inc. acquired a new position in shares of Butterfly Network in the third quarter worth approximately $25,000. BNP Paribas Financial Markets boosted its holdings in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after acquiring an additional 14,244 shares during the last quarter. Wisconsin Wealth Advisors LLC bought a new stake in Butterfly Network in the fourth quarter valued at approximately $38,000. Finally, ExodusPoint Capital Management LP acquired a new stake in Butterfly Network during the 4th quarter valued at approximately $38,000. 37.85% of the stock is owned by institutional investors.

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.