Butterfly Network (NYSE:BFLY) Trading Down 7.8% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price was down 7.8% during trading on Monday . The company traded as low as $8.57 and last traded at $8.8010. Approximately 2,339,377 shares traded hands during trading, a decline of 65% from the average session volume of 6,675,796 shares. The stock had previously closed at $9.55.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Three equities research 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Stock Down 5.7%

The business’s 50 day simple moving average is $7.91 and its 200 day simple moving average is $5.50. The company has a market capitalization of $2.40 billion, a PE ratio of -31.05 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. The business had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. On average, analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Megan Carlson sold 68,852 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $7.86, for a total value of $541,176.72. Following the completion of the sale, the chief accounting officer owned 425,889 shares in the company, valued at $3,347,487.54. This represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jonathan M. Rothberg sold 1,195,857 shares of the firm’s stock in a transaction on Friday, July 17th. The stock was sold at an average price of $6.60, for a total value of $7,892,656.20. Following the completion of the sale, the director directly owned 54,143 shares of the company’s stock, valued at approximately $357,343.80. This trade represents a 95.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 4,987,405 shares of company stock worth $32,975,004. 21.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Butterfly Network

Hedge funds have recently bought and sold shares of the business. KBC Group NV purchased a new position in Butterfly Network during the 1st quarter valued at about $25,000. Ameriprise Financial Inc. purchased a new stake in shares of Butterfly Network in the third quarter worth approximately $25,000. BNP Paribas Financial Markets lifted its position in shares of Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after purchasing an additional 14,244 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of Butterfly Network during the fourth quarter worth approximately $38,000. Finally, Sfmg LLC acquired a new stake in shares of Butterfly Network during the fourth quarter worth approximately $39,000. 37.85% of the stock is owned by hedge funds and other 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.