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

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

Analyst Ratings Changes

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

Butterfly Network Price Performance

The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -21.39 and a beta of 2.05. The company has a 50-day simple moving average of $6.20 and a two-hundred day simple moving average of $4.84.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The business had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. Research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current 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 stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the transaction, the insider 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph Devivo sold 204,725 shares of the business’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total value of $1,611,185.75. Following the sale, the chief executive officer owned 7,883,844 shares in the company, valued at approximately $62,045,852.28. This trade represents a 2.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 736,367 shares of company stock valued at $4,548,090 in the last ninety days. 21.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Palumbo Wealth Management LLC increased its position in Butterfly Network by 182.9% during the fourth quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock valued at $1,571,000 after acquiring an additional 267,238 shares during the last quarter. Clough Capital Partners L P acquired a new stake in shares of Butterfly Network in the fourth quarter worth approximately $845,000. Counterpoint Mutual Funds LLC acquired a new stake in Butterfly Network in the first quarter valued at approximately $545,000. Keenan LLC purchased a new position in shares of Butterfly Network in the 4th quarter valued at $339,000. Finally, DNB Asset Management AS lifted its position in Butterfly Network by 116.1% during 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 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.