Butterfly Network (NYSE:BFLY) Stock Price Down 6.9% – Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price traded down 6.9% on Friday . The company traded as low as $4.25 and last traded at $4.2350. 1,698,264 shares changed hands during trading, a decline of 71% from the average session volume of 5,764,720 shares. The stock had previously closed at $4.55.

Wall Street Analysts Forecast Growth

BFLY has been the topic of a number of recent analyst reports. Loop Capital set a $5.00 price objective on Butterfly Network in a research note on Wednesday, December 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Butterfly Network has an average rating of “Hold” and a consensus target price of $3.67.

Butterfly Network Price Performance

The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -13.18 and a beta of 2.27. The business has a 50 day moving average of $3.28 and a 200 day moving average of $2.37.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The firm had revenue of $21.49 million for the quarter, compared to analyst estimates of $21.23 million. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Butterfly Network news, Director Jonathan M. Rothberg sold 1,110,579 shares of Butterfly Network stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $3.15, for a total transaction of $3,498,323.85. Following the sale, the director directly owned 769,814 shares of the company’s stock, valued at approximately $2,424,914.10. The trade was a 59.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 7,298,684 shares of company stock worth $24,281,944 in the last three months. 25.18% of the stock is owned by company insiders.

Institutional Trading of Butterfly Network

A number of large investors have recently bought and sold shares of the stock. Ashton Thomas Private Wealth LLC bought a new position in shares of Butterfly Network during the second quarter valued at $25,000. Ameriprise Financial Inc. acquired a new stake in shares of Butterfly Network during the 3rd quarter worth about $25,000. Y Intercept Hong Kong Ltd bought a new position in Butterfly Network during the 3rd quarter valued at about $32,000. BNP Paribas Financial Markets boosted its position in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after buying an additional 14,244 shares in the last quarter. Finally, Wisconsin Wealth Advisors LLC acquired a new position in Butterfly Network in the fourth quarter valued at about $38,000. 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.