Butterfly Network (NYSE:BFLY) Stock Price Down 4.7% - Here's Why

Key Points

• Butterfly Network's stock price fell by 4.7% on Tuesday, trading at $2.07, with trading volume increasing by 21% compared to the average session.
• Equities analysts have rated Butterfly Network as a "Moderate Buy" with an average target price of $3.00, although Craig Hallum issued a lower target price of $2.00.
• Insider Steve Cashman sold over 142,000 shares at an average price of $1.50, decreasing his stake by 6.13%, while institutional investors now own 37.85% of the stock.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s share price traded down 4.7% on Tuesday . The stock traded as low as $2.07 and last traded at $2.07. 4,740,382 shares were traded during mid-day trading, an increase of 21% from the average session volume of 3,922,057 shares. The stock had previously closed at $2.17.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BFLY shares. Oppenheimer restated a "market perform" rating on shares of Butterfly Network in a report on Friday, August 1st. Craig Hallum restated a "positive" rating and issued a $2.00 price objective on shares of Butterfly Network in a research report on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Butterfly Network presently has a consensus rating of "Moderate Buy" and an average target price of $3.00.

Butterfly Network Stock Performance

The business's 50 day moving average is $1.63 and its 200 day moving average is $2.07. The company has a market capitalization of $514.81 million, a price-to-earnings ratio of -7.30 and a beta of 2.52.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. Butterfly Network had a negative net margin of 71.79% and a negative return on equity of 30.53%. The company had revenue of $23.38 million during the quarter, compared to analyst estimates of $23.91 million. Butterfly Network has set its FY 2025 guidance at EPS. Sell-side analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Activity

In other news, insider Steve Cashman sold 142,590 shares of Butterfly Network stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $1.50, for a total transaction of $213,885.00. Following the completion of the transaction, the insider owned 2,181,884 shares of the company's stock, valued at $3,272,826. The trade was a 6.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 161,235 shares of company stock worth $241,731. Insiders own 25.18% of the company's stock.

Institutional Investors Weigh In On Butterfly Network

Large investors have recently added to or reduced their stakes in the stock. Total Wealth Planning & Management Inc. acquired a new stake in shares of Butterfly Network during the 1st quarter worth approximately $25,000. TradeLink Capital LLC acquired a new position in shares of Butterfly Network during the first quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in Butterfly Network during the second quarter valued at approximately $25,000. CTC Alternative Strategies Ltd. acquired a new position in Butterfly Network during the first quarter valued at approximately $29,000. Finally, Deutsche Bank AG acquired a new position in Butterfly Network during the first quarter valued at approximately $31,000. 37.85% of the stock is owned by institutional investors and hedge funds.

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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