Butterfly Network (NYSE:BFLY) Shares Down 4.4% – Here’s What Happened

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

Wall Street Analyst Weigh In

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

Butterfly Network Stock Down 1.2%

The firm has a fifty day moving average price of $7.43 and a two-hundred day moving average price of $5.29. The stock has a market capitalization of $2.33 billion, a P/E ratio of -30.03 and a beta of 2.09.

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

Insider Activity

In other news, CEO Joseph Devivo sold 211,798 shares of the 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 $1,389,394.88. Following the sale, the chief executive officer owned 7,672,046 shares in the company, valued at $50,328,621.76. This represents a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jonathan M. Rothberg sold 1,195,857 shares of the firm’s stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $6.60, for a total transaction of $7,892,656.20. Following the sale, the director directly owned 54,143 shares of the company’s stock, valued at $357,343.80. This trade represents a 95.67% 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. In the last three months, insiders have sold 4,987,405 shares of company stock worth $32,975,004. Corporate insiders own 21.99% of the company’s stock.

Institutional Trading of Butterfly Network

A number of institutional investors and hedge funds have recently modified their holdings of the business. Tocqueville Asset Management L.P. raised its stake in shares of Butterfly Network by 52.7% in the second quarter. Tocqueville Asset Management L.P. now owns 174,800 shares of the company’s stock worth $1,472,000 after purchasing an additional 60,300 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Butterfly Network during the second quarter valued at $4,878,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in Butterfly Network by 4.9% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock worth $358,000 after buying an additional 2,000 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in Butterfly Network in the 2nd quarter worth about $463,000. Finally, Wisconsin Wealth Advisors LLC raised its position in Butterfly Network by 33.3% in the 2nd quarter. Wisconsin Wealth Advisors LLC now owns 40,000 shares of the company’s stock worth $337,000 after buying an additional 10,000 shares during the last quarter. Institutional investors own 37.85% of the company’s stock.

About Butterfly Network

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.