Butterfly Network (NYSE:BFLY) Stock Price Down 7.2% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY)’s stock price traded down 7.2% during mid-day trading on Thursday . The stock traded as low as $3.71 and last traded at $3.74. 1,479,467 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 6,697,133 shares. The stock had previously closed at $4.03.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BFLY shares. Craig Hallum reaffirmed a “buy” rating and set a $5.25 target price on shares of Butterfly Network in a report on Wednesday, January 21st. Lake Street Capital raised their price target on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. TD Cowen lifted their price objective on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a report on Monday. Finally, Zacks Research lowered shares of Butterfly Network from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Stock Performance

The company has a 50 day simple moving average of $3.81 and a 200 day simple moving average of $2.86. The company has a market capitalization of $919.46 million, a PE ratio of -11.74 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. The business had revenue of $31.51 million for the quarter, compared to the consensus estimate of $26.25 million. Butterfly Network had a negative return on equity of 33.13% and a negative net margin of 78.95%. As a group, equities research analysts anticipate that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Buying and Selling

In other Butterfly Network news, Director Jonathan M. Rothberg sold 769,327 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $3.27, for a total value of $2,515,699.29. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders sold 4,622,245 shares of company stock valued at $15,854,921. 25.18% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Butterfly Network

A number of large investors have recently modified their holdings of the business. Redwood Family Wealth LLC acquired a new stake in shares of Butterfly Network in the fourth quarter valued at about $46,000. Keenan LLC acquired a new position in Butterfly Network during the fourth quarter worth about $339,000. Invesco Ltd. boosted its position in Butterfly Network by 18.5% during the fourth quarter. Invesco Ltd. now owns 387,881 shares of the company’s stock worth $1,474,000 after acquiring an additional 60,538 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in Butterfly Network during the 4th quarter valued at about $72,000. Finally, Skyview Financial Group LLC purchased a new stake in Butterfly Network during the 4th quarter valued at about $1,054,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.