Butterfly Network (NYSE:BFLY) Trading Down 6.7% Following Analyst Downgrade

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s share price dropped 6.7% on Monday after Lake Street Capital lowered their price target on the stock from $5.00 to $4.00. Lake Street Capital currently has a buy rating on the stock. Butterfly Network traded as low as $2.19 and last traded at $2.18. Approximately 449,232 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,870,786 shares. The stock had previously closed at $2.33.

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

Insider Buying and Selling

In other news, EVP Heather C. Getz sold 65,456 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $2.20, for a total value of $144,003.20. Following the completion of the sale, the executive vice president now owns 2,919,274 shares in the company, valued at $6,422,402.80. This represents a 2.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joseph Devivo sold 320,215 shares of the firm's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $2.44, for a total transaction of $781,324.60. Following the transaction, the chief executive officer now directly owns 7,249,789 shares in the company, valued at $17,689,485.16. The trade was a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Butterfly Network

A number of hedge funds have recently bought and sold shares of the business. Sound View Wealth Advisors Group LLC grew its position in Butterfly Network by 18.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 16,000 shares of the company's stock valued at $50,000 after buying an additional 2,500 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Butterfly Network by 15.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company's stock worth $97,000 after purchasing an additional 4,212 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in 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 during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Butterfly Network by 33.0% during the 1st quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company's stock valued at $46,000 after buying an additional 5,010 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its position in 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 purchasing an additional 9,250 shares during the period. 37.85% of the stock is currently owned by institutional investors.

Butterfly Network Stock Down 1.8 %

The business's 50-day simple moving average is $2.44 and its two-hundred day simple moving average is $3.08. The stock has a market cap of $551.45 million, a P/E ratio of -4.85 and a beta of 2.59.

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

Butterfly Network Company Profile

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.