Butterfly Network (NYSE:BFLY) Stock Price Down 4.9% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price was down 4.9% during trading on Thursday . The company traded as low as $2.52 and last traded at $2.53. Approximately 361,539 shares were traded during trading, a decline of 82% from the average daily volume of 1,959,145 shares. The stock had previously closed at $2.66.

Analysts Set New Price Targets

Separately, Lake Street Capital assumed coverage on Butterfly Network in a research note on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price target for the company.

Butterfly Network Stock Down 6.4 %

The company has a market cap of $530.52 million, a PE ratio of -5.79 and a beta of 2.17. The firm’s 50-day moving average is $1.91 and its 200-day moving average is $1.32.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. The company had revenue of $20.56 million for the quarter, compared to analyst estimates of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same period in the previous year, the company posted ($0.13) earnings per share. As a group, equities research analysts anticipate that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Larry Robbins purchased 244,774 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were purchased at an average cost of $1.07 per share, with a total value of $261,908.18. Following the transaction, the director now directly owns 9,955,144 shares in the company, valued at $10,652,004.08. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 27.28% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently modified their holdings of BFLY. Cetera Advisors LLC bought a new position in shares of Butterfly Network during the 1st quarter valued at approximately $1,250,000. Archon Capital Management LLC bought a new position in Butterfly Network in the 1st quarter valued at $352,000. Marshall Wace LLP grew its position in Butterfly Network by 353.7% in the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after acquiring an additional 248,201 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in Butterfly Network by 1,045.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock valued at $216,000 after acquiring an additional 234,530 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Butterfly Network by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock valued at $8,516,000 after acquiring an additional 218,720 shares during the last quarter. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.