Butterfly Network (NYSE:BFLY) Shares Down 6.4% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY)’s stock price dropped 6.4% on Tuesday . The company traded as low as $8.40 and last traded at $8.3420. 3,170,746 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 6,470,927 shares. The stock had previously closed at $8.91.

Analyst Upgrades and Downgrades

BFLY has been the topic of a number of analyst reports. Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Finally, Loop Capital set a $5.50 price target on Butterfly Network in a report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Stock Down 5.6%

The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of -28.15 and a beta of 2.22. The stock has a 50 day moving average of $5.36 and a 200 day moving average of $4.38.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%.The company had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 million. Analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Butterfly Network

In other news, insider Steve Cashman sold 294,680 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80. Following the transaction, the insider directly owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 21.99% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently bought and sold shares of BFLY. Invesco Ltd. bought a new position in Butterfly Network in the first quarter worth about $85,000. Goldman Sachs Group Inc. grew its holdings in shares of Butterfly Network by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after purchasing an additional 29,958 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Butterfly Network by 9,055.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock worth $184,000 after purchasing an additional 91,012 shares during the period. Legal & General Group Plc lifted its holdings in shares of Butterfly Network by 136.5% in the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after purchasing an additional 119,455 shares during the last quarter. Finally, Rhumbline Advisers bought a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $475,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

About Butterfly Network

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.