Butterfly Network (NYSE:BFLY) Stock Price Down 9.8% – What’s Next?

Shares of Butterfly Network, Inc. (NYSE:BFLY) were down 9.8% during mid-day trading on Friday. The stock traded as low as $6.63 and last traded at $6.7750. Approximately 825,382 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 6,314,097 shares. The stock had previously closed at $7.51.

Analysts Set New Price Targets

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

Butterfly Network Stock Performance

The business has a 50 day simple moving average of $8.12 and a 200-day simple moving average of $6.03. The stock has a market cap of $1.71 billion, a P/E ratio of -22.02 and a beta of 2.04.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, October 29th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. The firm had revenue of $32.60 million for the quarter, compared to the consensus estimate of $28.37 million. On average, sell-side analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In other news, General Counsel Nicholas Caezza sold 10,000 shares of Butterfly Network stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $9.75, for a total value of $97,500.00. Following the sale, the general counsel owned 300,307 shares in the company, valued at $2,927,993.25. This trade represents a 3.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steve Cashman sold 140,112 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $7.30, for a total value of $1,022,817.60. Following the transaction, the insider owned 1,490,295 shares in the company, valued at approximately $10,879,153.50. This represents a 8.59% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 285,855 shares of company stock worth $2,426,034. 21.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in shares of Butterfly Network in the 3rd quarter valued at $42,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Butterfly Network in the third quarter valued at $46,000. KBC Group NV acquired a new stake in Butterfly Network in the 1st quarter valued at about $25,000. Sterling Capital Management LLC lifted its holdings in Butterfly Network by 880.0% during the 3rd quarter. Sterling Capital Management LLC now owns 7,242 shares of the company’s stock valued at $65,000 after purchasing an additional 6,503 shares during the last quarter. Finally, Benchmark Financial Wealth Advisors LLC bought a new stake in Butterfly Network in the 3rd quarter valued at $94,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.