Butterfly Network (NYSE:BFLY) Trading Down 4.4% – Should You Sell?

Shares of Butterfly Network, Inc. (NYSE:BFLY) dropped 4.4% during trading on Friday . The company traded as low as $8.36 and last traded at $8.4660. Approximately 860,050 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 6,747,068 shares. The stock had previously closed at $8.86.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.56.

Butterfly Network Trading Down 1.2%

The stock has a market capitalization of $2.33 billion, a PE ratio of -30.03 and a beta of 2.09. The stock has a 50 day moving average price of $7.43 and a 200-day moving average price of $5.29.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million. Research analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Butterfly Network

In related news, 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 transaction of $541,176.72. Following the completion of the sale, the chief accounting officer directly owned 425,889 shares in the company, valued at approximately $3,347,487.54. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Victor Ku sold 48,540 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $6.56, for a total transaction of $318,422.40. Following the sale, the chief technology officer directly owned 1,015,099 shares of the company’s stock, valued at approximately $6,659,049.44. This represents a 4.56% 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 quarter, insiders sold 4,987,405 shares of company stock worth $32,975,004. 21.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Invesco Ltd. bought a new stake in shares of Butterfly Network during the 1st quarter valued at $85,000. Goldman Sachs Group Inc. increased its stake in shares of Butterfly Network by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after purchasing an additional 29,958 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Butterfly Network by 9,055.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock worth $184,000 after purchasing an additional 91,012 shares during the period. Legal & General Group Plc raised its holdings in Butterfly Network by 136.5% in the 2nd quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after purchasing an additional 119,455 shares during the period. Finally, Rhumbline Advisers purchased a new position in Butterfly Network during the second quarter valued at $475,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.