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

Shares of Butterfly Network, Inc. (NYSE:BFLY) were down 6.4% on Wednesday . The company traded as low as $6.37 and last traded at $6.3820. Approximately 993,085 shares were traded during trading, a decline of 85% from the average session volume of 6,690,353 shares. The stock had previously closed at $6.82.

Wall Street Analysts Forecast Growth

BFLY has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Butterfly Network presently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Stock Up 0.2%

The firm has a fifty day simple moving average of $6.30 and a 200-day simple moving average of $4.88. The company has a market cap of $1.69 billion, a PE ratio of -22.08 and a beta of 2.05.

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

Insiders Place Their Bets

In other news, CAO Megan Carlson sold 41,303 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $3,708,611.76. This trade represents a 8.14% decrease in their ownership of the stock. The sale 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, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction on 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 completion of the transaction, the insider directly owned 1,630,407 shares in the company, valued at $7,597,696.62. The trade was a 15.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 736,367 shares of company stock valued at $4,548,090. 21.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently made changes to their positions in BFLY. Palumbo Wealth Management LLC lifted its holdings in shares of Butterfly Network by 182.9% during the fourth quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock worth $1,571,000 after purchasing an additional 267,238 shares during the period. Clough Capital Partners L P acquired a new position in Butterfly Network in the 4th quarter valued at $845,000. Counterpoint Mutual Funds LLC purchased a new position in Butterfly Network during the 1st quarter worth $545,000. Keenan LLC purchased a new position in Butterfly Network during the 4th quarter worth $339,000. Finally, DNB Asset Management AS lifted its stake in shares of Butterfly Network by 116.1% in the 4th quarter. DNB Asset Management AS now owns 780,335 shares of the company’s stock worth $2,965,000 after acquiring an additional 419,197 shares during the period. 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.