Butterfly Network (NYSE:BFLY) Shares Gap Down – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price gapped down prior to trading on Thursday. The stock had previously closed at $7.81, but opened at $7.05. Butterfly Network shares last traded at $7.8370, with a volume of 1,279,709 shares.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Canaccord Genuity Group initiated coverage on shares of Butterfly Network in a research note on Monday, October 12th. They set a “buy” rating and a $10.00 target price on the stock. Evercore started coverage on Butterfly Network in a report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 price target on the stock. Needham & Company LLC assumed coverage on Butterfly Network in a research note on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Finally, TD Cowen reaffirmed a “buy” rating and set a $10.00 target price on shares of Butterfly Network in a research note on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.75.

Butterfly Network Stock Performance

The business’s 50 day simple moving average is $8.15 and its 200-day simple moving average is $6.01. The company has a market cap of $2.06 billion, a price-to-earnings ratio of -26.60 and a beta of 2.04.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, October 29th. The company reported ($0.01) EPS for the quarter, beating 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 $32.60 million for the quarter, compared to analysts’ expectations of $28.37 million. Research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Transactions at Butterfly Network

In other news, CEO Joseph Devivo sold 68,346 shares of Butterfly Network stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $10.01, for a total transaction of $684,143.46. Following the completion of the sale, the chief executive officer directly owned 7,603,700 shares in the company, valued at $76,113,037. The trade was a 0.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Megan Carlson sold 68,852 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were 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 directly owned 425,889 shares of the company’s stock, valued at approximately $3,347,487.54. The trade was a 13.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 354,707 shares of company stock valued at $2,967,211. Corporate insiders own 21.99% of the company’s stock.

Institutional Trading of Butterfly Network

A number of institutional investors have recently added to or reduced their stakes in the business. KBC Group NV bought a new position in shares of Butterfly Network during the 1st quarter valued at $25,000. V Square Quantitative Management LLC acquired a new position in Butterfly Network during the third quarter worth $42,000. China Universal Asset Management Co. Ltd. acquired a new position in Butterfly Network during the third quarter worth $46,000. NewEdge Wealth LLC bought a new position in Butterfly Network during the first quarter valued at about $53,000. Finally, Principal Financial Group Inc. raised its holdings in Butterfly Network by 24.0% during the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after buying an additional 2,753 shares in the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company’s core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems’ large arrays of piezoelectric transducers with a compact, software-driven probe.

Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.