Butterfly Network (NYSE:BFLY) Stock Falls 5.9% – Here’s What Happened

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

Analyst Upgrades and Downgrades

BFLY has been the topic of a number of research reports. Needham & Company LLC assumed coverage on Butterfly Network in a report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. TD Cowen restated a “buy” rating and issued a $10.00 price target on shares of Butterfly Network in a report on Friday, September 11th. Evercore assumed 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. Finally, Canaccord Genuity Group initiated coverage on shares of Butterfly Network in a research note on Monday. They set a “buy” rating and a $10.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Butterfly Network currently has an average rating of “Moderate Buy” and a consensus target price of $8.75.

Butterfly Network Trading Down 4.4%

The firm has a 50-day moving average of $8.51 and a 200 day moving average of $6.70. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of -28.19 and a beta of 2.04.

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

Insider Buying and Selling at Butterfly Network

In other news, insider Steve Cashman sold 140,112 shares of the company’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $7.30, for a total value of $1,022,817.60. Following the completion of the transaction, the insider directly owned 1,490,295 shares in the company, valued at approximately $10,879,153.50. This represents a 8.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jonathan Rothberg sold 1,195,857 shares of the firm’s stock in a transaction 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 approximately $357,343.80. The trade was a 95.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 4,458,547 shares of company stock valued at $30,071,305. 21.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its stake in shares of Butterfly Network by 4.9% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock valued at $358,000 after acquiring an additional 2,000 shares in the last quarter. HighTower Advisors LLC increased its position in shares of Butterfly Network by 11.5% during the second quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock worth $172,000 after acquiring an additional 2,110 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Butterfly Network by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after acquiring an additional 2,125 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Butterfly Network by 24.0% in the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock worth $58,000 after acquiring an additional 2,753 shares in the last quarter. Finally, AXQ Capital LP lifted its stake in shares of Butterfly Network by 15.8% in the second quarter. AXQ Capital LP now owns 34,555 shares of the company’s stock worth $291,000 after acquiring an additional 4,716 shares in the last quarter. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Company Profile

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.