Butterfly Network (NYSE:BFLY) Stock Price Down 5.9% – Should You Sell?

Shares of Butterfly Network, Inc. (NYSE:BFLY) traded down 5.9% on Tuesday. The company traded as low as $8.31 and last traded at $8.0450. Approximately 284,299 shares traded hands during trading, a decline of 96% from the average daily volume of 6,434,512 shares. The stock had previously closed at $8.55.

Analyst Upgrades and Downgrades

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

Butterfly Network Stock Down 6.5%

The firm has a market cap of $2.02 billion, a PE ratio of -26.12 and a beta of 2.04. The company has a 50-day simple moving average of $8.48 and a two-hundred day simple moving average of $6.75.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The business had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. As a group, equities analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Activity at Butterfly Network

In other Butterfly Network news, Director Louise Phanstiel purchased 115,200 shares of the stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $8.68 per share, with a total value of $999,936.00. Following the acquisition, the director directly owned 300,461 shares in the company, valued at approximately $2,608,001.48. The trade was a 62.18% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph Devivo sold 35,790 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $10.02, for a total transaction of $358,615.80. Following the completion of the transaction, the chief executive officer directly owned 7,311,930 shares of the company’s stock, valued at approximately $73,265,538.60. This represents a 0.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 4,458,547 shares of company stock valued at $30,071,305 in the last ninety days. 21.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Butterfly Network

A number of institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC purchased a new position in Butterfly Network in the 1st quarter worth approximately $446,000. Bank of America Corp DE raised its stake in shares of Butterfly Network by 71.0% in the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Butterfly Network by 30.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after buying an additional 557,100 shares during the last quarter. Lotus Technology Management LP purchased a new stake in shares of Butterfly Network during the 2nd quarter valued at about $1,378,000. Finally, Sei Investments Co. raised its holdings in shares of Butterfly Network by 30.6% during the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock valued at $9,288,000 after purchasing an additional 539,171 shares during the last quarter. Hedge funds and other institutional investors own 37.85% of the company’s stock.

About Butterfly Network

Butterfly Network, Inc develops portable ultrasound technology designed to make medical imaging more accessible across a range of clinical settings. The company’s systems use semiconductor-based ultrasound technology integrated into compact, handheld probes that connect with compatible mobile devices, allowing clinicians to capture and review images at the point of care.

Its product portfolio includes the Butterfly iQ family of handheld ultrasound devices, including the iQ+ and iQ3 systems, along with cloud-based software and artificial-intelligence tools for image management, clinical workflows, education and collaboration.