Butterfly Network (NYSE:BFLY) Trading Down 5.9% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price was down 5.9% on Wednesday . The stock traded as low as $2.36 and last traded at $2.3150. Approximately 2,624,734 shares traded hands during trading, a decline of 40% from the average daily volume of 4,386,717 shares. The stock had previously closed at $2.46.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Oppenheimer restated a “market perform” rating on shares of Butterfly Network in a report on Friday, August 1st. Finally, Craig Hallum reiterated a “positive” rating and set a $2.00 price target on shares of Butterfly Network in a report on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.00.

Butterfly Network Stock Performance

The firm’s fifty day moving average price is $2.10 and its 200 day moving average price is $2.02. The firm has a market cap of $572.14 million, a P/E ratio of -6.86 and a beta of 2.65.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $21.49 million for the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. Butterfly Network has set its FY 2025 guidance at EPS. As a group, analysts expect that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 142,590 shares of Butterfly Network stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $1.50, for a total value of $213,885.00. Following the transaction, the insider owned 2,181,884 shares in the company, valued at $3,272,826. The trade was a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dawn Carfora sold 112,009 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $2.69, for a total transaction of $301,304.21. Following the transaction, the director owned 265,505 shares of the company’s stock, valued at approximately $714,208.45. This trade represents a 29.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 370,628 shares of company stock valued at $848,060. Corporate insiders own 25.18% of the company’s stock.

Institutional Trading of Butterfly Network

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in Butterfly Network by 114.7% in the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after acquiring an additional 2,317,882 shares in the last quarter. First Light Asset Management LLC raised its position in shares of Butterfly Network by 37.8% in the 1st quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company’s stock valued at $12,553,000 after purchasing an additional 1,511,029 shares during the last quarter. Lord Abbett & CO. LLC acquired a new stake in Butterfly Network in the 1st quarter worth approximately $3,225,000. Acadian Asset Management LLC grew its position in Butterfly Network by 270.5% during the 1st quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company’s stock worth $3,642,000 after purchasing an additional 1,167,055 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Butterfly Network by 15.6% during the 1st quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company’s stock worth $19,605,000 after purchasing an additional 1,161,647 shares during the last quarter. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.