Butterfly Network (NYSE:BFLY) Stock Price Down 7.8% – Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price was down 7.8% during mid-day trading on Monday . The company traded as low as $8.57 and last traded at $8.8010. Approximately 2,339,377 shares changed hands during trading, a decline of 65% from the average daily volume of 6,675,796 shares. The stock had previously closed at $9.55.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. 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 stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Price Performance

The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of -31.05 and a beta of 2.09. The stock’s 50 day simple moving average is $7.91 and its 200-day simple moving average is $5.50.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping 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 company had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. As a group, equities research analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In related news, Director S. Louise Phanstiel purchased 115,200 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was bought at an average price of $8.68 per share, for a total transaction of $999,936.00. Following the purchase, the director owned 300,461 shares in the company, valued at $2,608,001.48. The trade was a 62.18% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jonathan M. Rothberg sold 659,913 shares of the stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of $6.47, for a total value of $4,269,637.11. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 4,987,405 shares of company stock valued at $32,975,004 in the last three months. 21.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently modified their holdings of BFLY. AWM Investment Company Inc. boosted its holdings in Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock valued at $12,920,000 after acquiring an additional 3,000,000 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of Butterfly Network by 18,362.3% in the second quarter. California State Teachers Retirement System now owns 1,957,928 shares of the company’s stock valued at $16,486,000 after purchasing an additional 1,947,323 shares in the last quarter. Bank of America Corp DE boosted its position in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after acquiring an additional 1,728,938 shares during the last quarter. First Light Asset Management LLC grew its stake in shares of Butterfly Network by 149.3% during the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock worth $10,686,000 after acquiring an additional 1,684,133 shares in the last quarter. Finally, Sei Investments Co. bought a new position in shares of Butterfly Network during the 2nd quarter worth approximately $2,183,000. 37.85% of the stock is owned by institutional investors.

About Butterfly Network

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.