Butterfly Network (NYSE:BFLY) Trading Down 6.1% – Should You Sell?

Shares of Butterfly Network, Inc. (NYSE:BFLY) were down 6.1% during mid-day trading on Tuesday . The stock traded as low as $3.94 and last traded at $3.97. 839,559 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 6,255,928 shares. The stock had previously closed at $4.23.

Butterfly Network Stock Performance

The company has a 50 day moving average of $3.14 and a 200-day moving average of $1.98. The stock has a market cap of $854.38 million, a price-to-earnings ratio of -8.72 and a beta of 2.45.

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

Insider Buying and Selling at Butterfly Network

In other news, insider Steve Cashman sold 164,079 shares of the business’s 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 completion of the transaction, the insider now directly owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Heather C. Getz sold 30,136 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the sale, the chief financial officer now owns 2,669,333 shares in the company, valued at $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Butterfly Network by 4.0% in the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after buying an additional 65,425 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after purchasing an additional 35,800 shares during the last quarter. XTX Topco Ltd boosted its holdings in Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after purchasing an additional 226,781 shares in the last quarter. Renaissance Technologies LLC increased its stake in Butterfly Network by 46.5% in the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock valued at $288,000 after purchasing an additional 108,944 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after purchasing an additional 248,201 shares in the last quarter. 37.85% of the stock is 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.