Butterfly Network (NYSE:BFLY) Stock Price Down 4.3% – Here’s Why

Butterfly Network, Inc. (NYSE:BFLY) shares fell 4.3% on Tuesday . The company traded as low as $3.12 and last traded at $3.14. 133,089 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 2,023,420 shares. The stock had previously closed at $3.28.

Analyst Ratings Changes

Separately, Lake Street Capital assumed coverage on Butterfly Network in a report on Tuesday, September 10th. They set a “buy” rating and a $3.00 target price on the stock.

Butterfly Network Trading Up 4.1 %

The firm has a fifty day moving average price of $2.11 and a 200 day moving average price of $1.45. The firm has a market cap of $700.97 million, a PE ratio of -7.16 and a beta of 2.17.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $20.56 million for the quarter, compared to analysts’ expectations of $19.12 million. During the same quarter in the prior year, the company posted ($0.13) earnings per share. As a group, equities analysts predict that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Larry Robbins acquired 244,774 shares of Butterfly Network stock in a transaction dated Friday, August 30th. The shares were acquired at an average cost of $1.07 per share, for a total transaction of $261,908.18. Following the completion of the purchase, the director now owns 9,955,144 shares in the company, valued at approximately $10,652,004.08. The trade was a 2.52 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 27.28% of the stock is owned by corporate insiders.

Institutional Trading of Butterfly Network

A number of large investors have recently made changes to their positions in the company. Cetera Advisors LLC purchased a new position in Butterfly Network in the first quarter valued at approximately $1,250,000. Oppenheimer & Co. Inc. grew its holdings in shares of Butterfly Network by 22.0% during the third quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company’s stock worth $458,000 after purchasing an additional 46,630 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Butterfly Network by 2.9% during the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock worth $8,516,000 after purchasing an additional 218,720 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of 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 purchasing an additional 248,201 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in shares of 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 purchasing an additional 234,530 shares during the period. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

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.