Butterfly Network (NYSE:BFLY) Shares Gap Down – Time to Sell?

Shares of Butterfly Network, Inc. (NYSE:BFLY) gapped down before the market opened on Thursday . The stock had previously closed at $3.51, but opened at $3.40. Butterfly Network shares last traded at $4.00, with a volume of 2,867,154 shares.

Butterfly Network Trading Up 17.2 %

The company has a market cap of $876.74 million, a P/E ratio of -8.97 and a beta of 2.45. The company has a 50-day simple moving average of $3.50 and a 200 day simple moving average of $2.27.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The firm had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. During the same quarter in the prior year, the business posted ($0.13) EPS. On average, equities analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the transaction, the chief financial officer now owns 2,669,333 shares in the company, valued at $8,168,158.98. The trade was a 1.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the transaction, the insider now directly owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 27.28% of the company’s stock.

Institutional Trading of Butterfly Network

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in Butterfly Network by 4.0% during the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock worth $3,049,000 after acquiring an additional 65,425 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after buying an additional 35,800 shares during the period. XTX Topco Ltd increased its position in shares of Butterfly Network by 169.7% during the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after acquiring an additional 226,781 shares during the period. Renaissance Technologies LLC raised its holdings in Butterfly Network by 46.5% in the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock valued at $288,000 after acquiring an additional 108,944 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Butterfly Network by 353.7% in the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after acquiring an additional 248,201 shares during the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

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.