Butterfly Network (NYSE:BFLY) Shares Down 4% - What's Next?

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) fell 4% during trading on Thursday . The stock traded as low as $2.53 and last traded at $2.53. 1,267,849 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 2,969,415 shares. The stock had previously closed at $2.63.

Wall Street Analyst Weigh In

BFLY has been the topic of a number of research reports. William Blair began coverage on Butterfly Network in a research note on Monday, March 17th. They issued an "outperform" rating on the stock. Lake Street Capital dropped their target price on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Monday, May 5th.

Butterfly Network Trading Down 4.4%

The company has a market capitalization of $567.53 million, a PE ratio of -4.99 and a beta of 2.59. The business's 50-day simple moving average is $2.32 and its 200-day simple moving average is $3.10.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.03. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The business had revenue of $21.23 million for the quarter, compared to analyst estimates of $21.16 million. Sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In related news, CEO Joseph Devivo sold 320,215 shares of Butterfly Network stock in a transaction on Friday, April 25th. The stock was sold at an average price of $2.44, for a total value of $781,324.60. Following the completion of the transaction, the chief executive officer now directly owns 7,249,789 shares in the company, valued at approximately $17,689,485.16. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Heather C. Getz sold 65,456 shares of Butterfly Network stock in a transaction on Monday, May 5th. The stock was sold at an average price of $2.20, for a total transaction of $144,003.20. Following the sale, the executive vice president now directly owns 2,919,274 shares of the company's stock, valued at approximately $6,422,402.80. This trade represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 25.18% of the company's stock.

Institutional Trading of Butterfly Network

Institutional investors and hedge funds have recently made changes to their positions in the company. Sound View Wealth Advisors Group LLC lifted its position in Butterfly Network by 18.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 16,000 shares of the company's stock worth $50,000 after acquiring an additional 2,500 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Butterfly Network by 15.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company's stock valued at $97,000 after buying an additional 4,212 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Butterfly Network by 23.9% in the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company's stock valued at $74,000 after purchasing an additional 4,606 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Butterfly Network by 33.0% in the first quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company's stock worth $46,000 after acquiring an additional 5,010 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC grew its holdings in shares of Butterfly Network by 37.0% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company's stock worth $107,000 after buying an additional 9,250 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.