Butterfly Network (NYSE:BFLY) Shares Down 7.2% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price fell 7.2% during mid-day trading on Thursday . The company traded as low as $3.71 and last traded at $3.74. 1,479,467 shares were traded during trading, a decline of 78% from the average session volume of 6,697,133 shares. The stock had previously closed at $4.03.

Analyst Ratings Changes

BFLY has been the topic of several recent research reports. Zacks Research lowered Butterfly Network from a “hold” rating to a “strong sell” rating in a report on Thursday, February 26th. Loop Capital set a $5.50 price target on shares of Butterfly Network in a research report on Monday. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. TD Cowen lifted their price objective on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Finally, Craig Hallum restated a “buy” rating and issued a $5.25 target price on shares of Butterfly Network in a report on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Trading Down 9.7%

The stock has a market capitalization of $919.46 million, a PE ratio of -11.74 and a beta of 2.27. The firm has a 50-day moving average price of $3.81 and a 200-day moving average price of $2.84.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. The company had revenue of $31.51 million during the quarter, compared to analyst estimates of $26.25 million. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 33.13%. Sell-side analysts expect that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Butterfly Network news, Director Jonathan M. Rothberg sold 769,327 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $3.27, for a total value of $2,515,699.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 4,659,843 shares of company stock worth $15,970,347 over the last three months. 25.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BFLY. Ameriprise Financial Inc. purchased a new stake in Butterfly Network during the third quarter valued at about $25,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Butterfly Network in the third quarter valued at approximately $32,000. BNP Paribas Financial Markets raised its position in shares of Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after purchasing an additional 14,244 shares during the period. Wisconsin Wealth Advisors LLC purchased a new stake in shares of Butterfly Network during the 4th quarter valued at approximately $38,000. Finally, ExodusPoint Capital Management LP bought a new position in Butterfly Network in the 4th quarter worth approximately $38,000. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.