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

Butterfly Network, Inc. (NYSE:BFLY)’s stock price fell 4.3% during mid-day trading on Tuesday . The company traded as low as $3.12 and last traded at $3.14. 133,089 shares were traded during trading, a decline of 93% from the average session volume of 2,023,420 shares. The stock had previously closed at $3.28.

Analyst Ratings Changes

Separately, Lake Street Capital began coverage on Butterfly Network in a report on Tuesday, September 10th. They set a “buy” rating and a $3.00 target price for the company.

Butterfly Network Stock Performance

The firm has a market capitalization of $658.36 million, a PE ratio of -6.46 and a beta of 2.17. The firm has a fifty day moving average of $2.09 and a 200 day moving average of $1.44.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. The business had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same period last year, the business posted ($0.13) EPS. Research analysts forecast that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Larry Robbins purchased 244,774 shares of the company’s stock in a transaction on Friday, August 30th. The shares were bought at an average cost 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. This represents a 2.52 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 27.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently made changes to their positions in the business. Hartline Investment Corp raised its holdings in Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after buying an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC acquired a new stake in Butterfly Network during the 3rd quarter worth about $44,000. Barclays PLC raised 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 buying an additional 25,011 shares during the period. Verition Fund Management LLC acquired a new stake in Butterfly Network during the 3rd quarter worth about $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 buying an additional 71,773 shares during the period. Institutional investors own 37.85% of the company’s stock.

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.