Butterfly Network (NYSE:BFLY) Shares Down 6.7% - What's Next?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares fell 6.7% during trading on Monday . The stock traded as low as $2.19 and last traded at $2.18. 449,232 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 2,870,786 shares. The stock had previously closed at $2.33.

Analysts Set New Price Targets

Separately, William Blair began coverage on Butterfly Network in a research report on Monday, March 17th. They set an "outperform" rating on the stock.

Butterfly Network Trading Down 5.4 %

The business's fifty day simple moving average is $2.56 and its 200-day simple moving average is $3.08. The firm has a market cap of $535.65 million, a P/E ratio of -4.79 and a beta of 2.59.

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

Insiders Place Their Bets

In other news, CEO Joseph Devivo sold 320,215 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 7,249,789 shares of the company's stock, valued at $17,689,485.16. The trade was a 4.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 27.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. White Pine Capital LLC purchased a new position in shares of Butterfly Network in the 4th quarter worth about $398,000. Baader Bank Aktiengesellschaft purchased a new position in Butterfly Network in the fourth quarter worth about $287,000. Palumbo Wealth Management LLC lifted its stake in shares of Butterfly Network by 528.1% in the fourth quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company's stock worth $229,000 after buying an additional 61,688 shares in the last quarter. Calamos Advisors LLC bought a new stake in shares of Butterfly Network during the fourth quarter valued at approximately $525,000. Finally, Geode Capital Management LLC raised its holdings in Butterfly Network by 4.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company's stock worth $3,049,000 after acquiring an additional 65,425 shares during the last quarter. Hedge funds and other 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.

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