Butterfly Network (NYSE:BFLY) Trading Down 5.3% – Time to Sell?

Shares of Butterfly Network, Inc. (NYSE:BFLY) fell 5.3% during trading on Wednesday . The stock traded as low as $7.35 and last traded at $7.3860. Approximately 440,196 shares were traded during trading, a decline of 93% from the average daily volume of 6,451,051 shares. The stock had previously closed at $7.80.

Analyst Ratings Changes

A number of brokerages have weighed in on BFLY. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. TD Cowen reissued a “buy” rating and set a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $6.56.

Butterfly Network Price Performance

The stock has a market cap of $1.99 billion, a PE ratio of -25.68 and a beta of 2.08. The firm has a 50-day moving average of $7.98 and a 200-day moving average of $6.06.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 66.74% and a negative return on equity of 33.99%. Equities analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, Director Jonathan Rothberg sold 1,195,857 shares of Butterfly Network stock in a transaction on Friday, July 17th. The shares were sold at an average price of $6.60, for a total value of $7,892,656.20. Following the completion of the transaction, the director directly owned 54,143 shares of the company’s stock, valued at $357,343.80. This trade represents a 95.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Joseph Devivo sold 211,798 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $6.56, for a total transaction of $1,389,394.88. Following the completion of the transaction, the chief executive officer directly owned 7,672,046 shares of the company’s stock, valued at approximately $50,328,621.76. The trade was a 2.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 4,743,569 shares of company stock valued at $32,219,597 over the last ninety days. Corporate insiders own 21.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in shares of Butterfly Network by 4.9% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock worth $358,000 after purchasing an additional 2,000 shares during the last quarter. HighTower Advisors LLC raised its holdings 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 purchasing an additional 2,110 shares during the period. The Manufacturers Life Insurance Company boosted its position in Butterfly Network by 4.0% during the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after purchasing an additional 2,125 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Butterfly Network by 24.0% in the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after purchasing an additional 2,753 shares during the period. Finally, AXQ Capital LP grew its holdings in Butterfly Network by 15.8% in the second quarter. AXQ Capital LP now owns 34,555 shares of the company’s stock valued at $291,000 after purchasing an additional 4,716 shares during the period. Institutional investors own 37.85% of the company’s stock.

About Butterfly Network

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.