Butterfly Network (NYSE:BFLY) Stock Price Down 5.7% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) shares traded down 5.7% during trading on Friday . The company traded as low as $3.94 and last traded at $3.91. 2,461,570 shares were traded during trading, a decline of 43% from the average session volume of 4,341,104 shares. The stock had previously closed at $4.14.

Butterfly Network Stock Down 5.9 %

The company has a market capitalization of $829.87 million, a price-to-earnings ratio of -8.47 and a beta of 2.45. The business has a fifty day simple moving average of $3.44 and a two-hundred day simple moving average of $2.19.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, November 1st. The company reported ($0.08) EPS 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 the consensus estimate of $19.12 million. During the same quarter last year, the company earned ($0.13) EPS. As a group, equities analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total value 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 $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steve Cashman sold 164,079 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the sale, the insider now directly 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 disclosure for this sale can be found here. 27.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in shares of Butterfly Network in the fourth quarter valued at approximately $46,000. Hartline Investment Corp boosted its position in Butterfly Network by 87.0% in the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after buying an additional 10,000 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new position in Butterfly Network in the 4th quarter valued at $70,000. Kovitz Investment Group Partners LLC acquired a new stake in shares of Butterfly Network in the 3rd quarter valued at $44,000. Finally, Barclays PLC raised its position in shares of Butterfly Network by 27,790.0% during the third 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. 37.85% of the stock is owned by 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.