Butterfly Network (NYSE:BFLY) Trading Down 4.6% – Here’s Why

Butterfly Network, Inc. (NYSE:BFLY)’s stock price dropped 4.6% on Wednesday . The stock traded as low as $2.87 and last traded at $2.91. Approximately 573,292 shares traded hands during trading, a decline of 71% from the average daily volume of 1,990,816 shares. The stock had previously closed at $3.05.

Analyst Ratings Changes

Separately, Lake Street Capital assumed coverage on shares of Butterfly Network in a research report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price target for the company.

Butterfly Network Stock Performance

The company has a market cap of $702.10 million, a price-to-earnings ratio of -7.16 and a beta of 2.17. The business’s 50 day simple moving average is $2.03 and its 200-day simple moving average is $1.40.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $19.12 million. During the same quarter last year, the firm earned ($0.13) earnings per share. Research analysts expect that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Larry Robbins purchased 244,774 shares of Butterfly Network stock in a transaction on Friday, August 30th. The stock was bought at an average price of $1.07 per share, with a total value of $261,908.18. Following the completion of the transaction, the director now directly owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. This represents a 2.52 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BFLY. Procyon Advisors LLC lifted its position in shares of Butterfly Network by 7.3% during the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock worth $145,000 after purchasing an additional 5,600 shares during the last quarter. Hartline Investment Corp boosted its holdings 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. Quent Capital LLC grew its position in Butterfly Network by 25.6% in the 3rd quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock worth $173,000 after purchasing an additional 20,000 shares during the last quarter. Kovitz Investment Group Partners LLC bought a new position in shares of Butterfly Network during the 3rd quarter worth about $44,000. Finally, Barclays PLC increased its holdings in shares of Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after purchasing an additional 25,011 shares during the period. 37.85% of the stock is owned by 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.