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

Shares of Butterfly Network, Inc. (NYSE:BFLY) traded down 4.3% on Tuesday . The stock traded as low as $3.12 and last traded at $3.14. 133,089 shares traded 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 Upgrades and Downgrades

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

Butterfly Network Trading Down 5.8 %

The firm has a market cap of $658.36 million, a price-to-earnings ratio of -6.46 and a beta of 2.17. The stock has a fifty day moving average price of $2.09 and a 200 day moving average price of $1.44.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The business had revenue of $20.56 million during the quarter, compared to analysts’ expectations of $19.12 million. During the same quarter in the previous year, the firm earned ($0.13) EPS. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In related news, Director Larry Robbins acquired 244,774 shares of the stock in a transaction on Friday, August 30th. The stock was purchased at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the transaction, the director now owns 9,955,144 shares of the company’s stock, valued at $10,652,004.08. The trade was a 2.52 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 27.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hartline Investment Corp lifted its position in 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 acquiring an additional 10,000 shares during the last quarter. Kovitz Investment Group Partners LLC bought a new stake in Butterfly Network during the 3rd quarter worth approximately $44,000. Barclays PLC grew its holdings in Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after acquiring an additional 25,011 shares during the last quarter. Verition Fund Management LLC bought a new stake in Butterfly Network during the 3rd quarter worth approximately $57,000. Finally, Point72 DIFC Ltd raised its holdings in Butterfly Network by 1,271.4% during the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock worth $65,000 after purchasing an additional 71,773 shares during the last quarter. Institutional investors and hedge funds 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.