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

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

Analyst Ratings Changes

A number of brokerages have issued reports on BFLY. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Butterfly Network currently has an average rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Trading Up 1.1%

The stock has a market capitalization of $2.04 billion, a PE ratio of -26.28 and a beta of 2.04. The firm has a 50-day moving average price of $5.46 and a 200-day moving average price of $4.45.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 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.

Insiders Place Their Bets

In other news, insider Steve Cashman sold 294,680 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $7,597,696.62. This represents a 15.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 21.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Butterfly Network

Institutional investors have recently bought and sold shares of the company. Palumbo Wealth Management LLC raised its stake in shares of Butterfly Network by 182.9% in the fourth quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock valued at $1,571,000 after buying an additional 267,238 shares during the period. Clough Capital Partners L P purchased a new position in shares of Butterfly Network during the 4th quarter valued at $845,000. Keenan LLC purchased a new stake in Butterfly Network in the 4th quarter worth about $339,000. Polen Capital Management LLC purchased a new stake in Butterfly Network in the 4th quarter worth about $1,797,000. Finally, Quent Capital LLC bought a new stake in Butterfly Network in the 4th quarter valued at about $697,000. Hedge funds and other 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.