Butterfly Network (NYSE:BFLY) Stock Price Down 5.3% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price traded down 5.3% on Friday . The company traded as low as $3.66 and last traded at $3.67. 1,403,489 shares were traded during mid-day trading, a decline of 70% from the average session volume of 4,748,226 shares. The stock had previously closed at $3.88.

Butterfly Network Trading Down 5.4 %

The stock has a market cap of $782.14 million, a PE ratio of -7.98 and a beta of 2.45. The business’s 50-day moving average price is $3.32 and its 200-day moving average price is $2.09.

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

Insider Activity at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $502,081.74. Following the transaction, the insider now owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the transaction, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. This represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Butterfly Network

Large investors have recently added to or reduced their stakes in the company. Hartline Investment Corp lifted its holdings in shares of Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after purchasing an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC purchased a new position in Butterfly Network during the 3rd quarter worth approximately $44,000. Barclays PLC lifted its stake in Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after acquiring an additional 25,011 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Butterfly Network in the 4th quarter valued at $46,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Butterfly Network in the 3rd quarter valued at $57,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

About Butterfly Network

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.