Butterfly Network (NYSE:BFLY) Stock Price Down 6.3% – Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price was down 6.3% during trading on Wednesday . The stock traded as low as $3.28 and last traded at $3.30. Approximately 1,271,834 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 2,086,689 shares. The stock had previously closed at $3.52.

Analyst Ratings Changes

Separately, Lake Street Capital initiated coverage on Butterfly Network in a report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 target price on the stock.

Butterfly Network Trading Down 7.1 %

The stock has a market capitalization of $696.71 million, a PE ratio of -7.11 and a beta of 2.46. The stock’s fifty day simple moving average is $2.61 and its 200-day simple moving average is $1.71.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The business had revenue of $20.56 million for the quarter, compared to analysts’ expectations of $19.12 million. During the same period in the previous year, the company earned ($0.13) earnings per share. As a group, analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of Butterfly Network

A number of institutional investors and hedge funds have recently modified their holdings of BFLY. Hartline Investment Corp grew its stake in Butterfly Network by 87.0% in the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after purchasing an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in shares of Butterfly Network during the 3rd quarter worth $44,000. Barclays PLC boosted its holdings in shares of Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after buying an additional 25,011 shares during the last quarter. Verition Fund Management LLC bought a new position in Butterfly Network during the third quarter valued at about $57,000. Finally, Cannon Global Investment Management LLC purchased a new stake in Butterfly Network during the third quarter worth about $100,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.