Butterfly Network (NYSE:BFLY) Shares Down 7.2% – What’s Next?

Shares of Butterfly Network, Inc. (NYSE:BFLY) traded down 7.2% during mid-day trading on Thursday . The company traded as low as $3.71 and last traded at $3.74. 1,479,467 shares were traded during trading, a decline of 78% from the average session volume of 6,697,133 shares. The stock had previously closed at $4.03.

Analyst Ratings Changes

BFLY has been the subject of several recent research reports. TD Cowen lifted their price target on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Craig Hallum reissued a “buy” rating and issued a $5.25 price target on shares of Butterfly Network in a report on Wednesday, January 21st. Lake Street Capital raised their price objective on shares of Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Finally, Loop Capital set a $5.50 target price on shares of Butterfly Network in a report on Monday. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Price Performance

The firm has a market capitalization of $919.46 million, a PE ratio of -11.74 and a beta of 2.27. The business’s 50 day moving average is $3.81 and its two-hundred day moving average is $2.84.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 33.13%. The firm had revenue of $31.51 million for the quarter, compared to analyst estimates of $26.25 million. Analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Butterfly Network news, CTO Victor Ku sold 35,968 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $3.82, for a total transaction of $137,397.76. Following the completion of the sale, the chief technology officer directly owned 811,962 shares in the company, valued at $3,101,694.84. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP John N. Doherty sold 60,182 shares of Butterfly Network stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $3.98, for a total value of $239,524.36. Following the completion of the transaction, the executive vice president owned 1,234,688 shares in the company, valued at approximately $4,914,058.24. This represents a 4.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,659,843 shares of company stock valued at $15,970,347 over the last 90 days. Insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently bought and sold shares of BFLY. Ameriprise Financial Inc. purchased a new position in Butterfly Network in the 3rd quarter worth approximately $25,000. Y Intercept Hong Kong Ltd bought a new position in shares of Butterfly Network in the third quarter worth approximately $32,000. BNP Paribas Financial Markets grew its holdings in shares of Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after purchasing an additional 14,244 shares during the last quarter. Wisconsin Wealth Advisors LLC purchased a new position in shares of Butterfly Network in the fourth quarter worth $38,000. Finally, ExodusPoint Capital Management LP purchased a new position in shares of Butterfly Network in the fourth quarter worth $38,000. 37.85% of the stock is currently owned by institutional investors.

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.