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

Butterfly Network, Inc. (NYSE:BFLY) fell 6.4% on Wednesday . The stock traded as low as $6.37 and last traded at $6.3820. Approximately 993,085 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 6,690,353 shares. The stock had previously closed at $6.82.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BFLY shares. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Butterfly Network currently has an average rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Price Performance

The company’s fifty day moving average is $6.20 and its 200-day moving average is $4.84. The stock has a market cap of $1.64 billion, a PE ratio of -21.39 and a beta of 2.05.

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

Insider Buying and Selling at Butterfly Network

In related news, CEO Joseph Devivo sold 204,725 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total transaction of $1,611,185.75. Following the sale, the chief executive officer directly owned 7,883,844 shares in the company, valued at approximately $62,045,852.28. This trade represents a 2.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Megan Carlson sold 41,303 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $7.96, for a total value of $328,771.88. Following the transaction, the chief accounting officer directly owned 465,906 shares of the company’s stock, valued at $3,708,611.76. This trade represents a 8.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 736,367 shares of company stock valued at $4,548,090. 21.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Butterfly Network by 4.3% in the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after purchasing an additional 453,258 shares during the period. ARK Investment Management LLC boosted its stake in shares of Butterfly Network by 1.6% in the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock worth $23,729,000 after buying an additional 99,079 shares during the last quarter. Geode Capital Management LLC raised its stake in Butterfly Network by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock valued at $17,785,000 after acquiring an additional 75,243 shares during the period. Bank of America Corp DE raised its position in shares of Butterfly Network by 71.0% in the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after buying an additional 1,728,938 shares in the last quarter. Finally, AWM Investment Company Inc. lifted its holdings in shares of Butterfly Network by 750.0% in the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after acquiring an additional 3,000,000 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors.

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.