Butterfly Network (NYSE:BFLY) Trading Down 5.3% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY) dropped 5.3% during trading on Wednesday . The stock traded as low as $7.35 and last traded at $7.3860. Approximately 440,196 shares were traded during trading, a decline of 93% from the average session volume of 6,451,051 shares. The stock had previously closed at $7.80.

Analysts Set New Price Targets

A number of research firms have weighed in on BFLY. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Monday, August 3rd. TD Cowen reiterated a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a research note on Friday, September 11th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $6.56.

Butterfly Network Trading Up 9.6%

The firm’s 50 day moving average price is $7.98 and its two-hundred day moving average price is $6.11. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of -27.43 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. The business had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. As a group, equities research analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Buying and Selling

In other news, General Counsel Nicholas Caezza sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.75, for a total value of $97,500.00. Following the completion of the sale, the general counsel directly owned 300,307 shares of the company’s stock, valued at $2,927,993.25. This trade represents a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Steve Cashman sold 140,112 shares of Butterfly Network stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $7.30, for a total value of $1,022,817.60. Following the transaction, the insider owned 1,490,295 shares of the company’s stock, valued at $10,879,153.50. This represents a 8.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 4,743,569 shares of company stock valued at $32,219,597. Insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KBC Group NV acquired a new stake in shares of Butterfly Network during the 1st quarter worth about $25,000. Sfmg LLC acquired a new position in Butterfly Network in the 4th quarter valued at about $39,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Butterfly Network in the 2nd quarter valued at about $100,000. Redwood Family Wealth LLC acquired a new position in Butterfly Network in the 4th quarter valued at about $46,000. Finally, NewEdge Wealth LLC bought a new position in Butterfly Network in the 1st quarter valued at about $53,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.