Butterfly Network (NYSE:BFLY) Shares Down 7.9% - Here's Why

Key Points

• Shares fell 7.9% on Monday to about $4.98 (intraday low $4.86) on volume of 2.64M shares, roughly 55% below average session volume.
• Analysts are mixed: the consensus rating is Hold with an average price target of $5.56, based on three Buys, two Holds and one Sell.
• The company slightly beat quarterly estimates (EPS -$0.03 vs. -$0.04; revenue $26.53M vs. $26.08M) but remains unprofitable with negative margins and analysts forecast about -$0.19 EPS for the year.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) traded down 7.9% on Monday . The stock traded as low as $4.86 and last traded at $4.9750. 2,640,451 shares changed hands during trading, a decline of 55% from the average session volume of 5,826,174 shares. The stock had previously closed at $5.40.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Lake Street Capital boosted their target price on Butterfly Network from $4.00 to $5.50 and gave the company a "buy" rating in a research report on Tuesday, January 20th. Loop Capital set a $5.50 price objective on Butterfly Network in a research note on Monday, March 2nd. Craig Hallum restated a "buy" rating and set a $5.25 price objective on shares of Butterfly Network in a report on Wednesday, January 21st. Zacks Research upgraded Butterfly Network from a "strong sell" rating to a "hold" rating in a report on Friday, March 27th. Finally, TD Cowen lifted their price target on shares of Butterfly Network from $4.50 to $6.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $5.56.

Butterfly Network Stock Performance

The business has a 50 day simple moving average of $4.22 and a 200-day simple moving average of $3.58. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -16.15 and a beta of 2.27.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. As a group, research analysts anticipate that Butterfly Network, Inc. will post -0.19 earnings per share for the current year.

Institutional Trading of Butterfly Network

Several institutional investors have recently made changes to their positions in BFLY. Ameriprise Financial Inc. bought a new position in shares of Butterfly Network during the third quarter valued at about $25,000. Y Intercept Hong Kong Ltd purchased a new stake in Butterfly Network in the 3rd quarter valued at about $32,000. BNP Paribas Financial Markets lifted its position in shares of Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock worth $33,000 after buying an additional 14,244 shares in the last quarter. Wisconsin Wealth Advisors LLC bought a new position in shares of Butterfly Network during the 4th quarter worth approximately $38,000. Finally, ExodusPoint Capital Management LP purchased a new position in shares of Butterfly Network in the 4th quarter worth approximately $38,000. Institutional investors own 37.85% of the company's stock.

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.

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