Butterfly Network (NYSE:BFLY) Shares Down 5.7% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s share price traded down 5.7% during trading on Monday . The company traded as low as $7.90 and last traded at $7.9480. Approximately 708,765 shares traded hands during trading, a decline of 89% from the average daily volume of 6,591,232 shares. The stock had previously closed at $8.43.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Trading Down 6.9%

The company’s 50 day moving average price is $8.09 and its two-hundred day moving average price is $5.69. The firm has a market cap of $2.09 billion, a PE ratio of -27.07 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The firm had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. Equities research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other Butterfly Network news, CAO Megan Carlson sold 68,852 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $7.86, for a total transaction of $541,176.72. Following the sale, the chief accounting officer owned 425,889 shares in the company, valued at approximately $3,347,487.54. This trade represents a 13.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan M. Rothberg sold 1,195,857 shares of Butterfly Network stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $6.60, for a total transaction of $7,892,656.20. Following the transaction, the director directly owned 54,143 shares in the company, valued at $357,343.80. This represents a 95.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 4,987,405 shares of company stock worth $32,975,004. 21.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Butterfly Network

Institutional investors and hedge funds have recently modified their holdings of the company. Corient Private Wealth LP purchased a new position in shares of Butterfly Network during the 2nd quarter valued at $156,000. HighTower Advisors LLC increased its stake in Butterfly Network by 11.5% in the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock worth $172,000 after buying an additional 2,110 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Butterfly Network during the second quarter valued at about $100,000. California State Teachers Retirement System raised its holdings in Butterfly Network by 18,362.3% during the second quarter. California State Teachers Retirement System now owns 1,957,928 shares of the company’s stock valued at $16,486,000 after acquiring an additional 1,947,323 shares during the period. Finally, FirstWave Capital Management LLC purchased a new position in shares of Butterfly Network in the second quarter valued at about $1,224,000. 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.