Butterfly Network (NYSE:BFLY) Stock Price Down 7.2% - Time to Sell?

Key Points

• Butterfly Network's stock price dropped by 7.2%, trading as low as $2.40 during recent trading sessions, with a decline in trading volume compared to its average.
• Analyst ratings are mixed, with Oppenheimer maintaining a "market perform" rating, Weiss Ratings issuing a "sell (d-)" rating, and Craig Hallum setting a target price of $2.00, while the consensus target price remains at $3.00.
• Despite a negative net margin of 71.79% and a forecast of -0.35 EPS for the current fiscal year, Butterfly Network's recent earnings report topped estimates with a loss of only ($0.06) EPS.

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) dropped 7.2% during trading on Tuesday . The stock traded as low as $2.40 and last traded at $2.38. Approximately 3,907,865 shares changed hands during trading, a decline of 5% from the average daily volume of 4,101,060 shares. The stock had previously closed at $2.56.

Analyst Ratings Changes

BFLY has been the topic of several research analyst reports. Oppenheimer reiterated a "market perform" rating on shares of Butterfly Network in a research report on Friday, August 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a research report on Saturday, September 27th. Finally, Craig Hallum reiterated a "positive" rating and issued a $2.00 target price on shares of Butterfly Network in a research report on Monday, August 4th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $3.00.

Butterfly Network Stock Down 3.3%

The stock has a market capitalization of $623.06 million, a price-to-earnings ratio of -8.84 and a beta of 2.59. The business's 50-day moving average is $1.66 and its two-hundred day moving average is $2.03.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its earnings results on Friday, August 1st. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $23.91 million. Butterfly Network has set its FY 2025 guidance at EPS. As a group, analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Butterfly Network news, insider Steve Cashman sold 142,590 shares of Butterfly Network stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $1.50, for a total transaction of $213,885.00. Following the transaction, the insider directly owned 2,181,884 shares of the company's stock, valued at $3,272,826. The trade was a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 161,235 shares of company stock worth $241,731 over the last quarter. 25.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Butterfly Network by 15.6% in the 1st quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company's stock valued at $19,605,000 after acquiring an additional 1,161,647 shares during the period. ARK Investment Management LLC raised its stake in shares of Butterfly Network by 16.8% in the 1st quarter. ARK Investment Management LLC now owns 7,023,980 shares of the company's stock valued at $16,015,000 after acquiring an additional 1,012,460 shares during the period. First Light Asset Management LLC raised its stake in shares of Butterfly Network by 37.8% in the 1st quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company's stock valued at $12,553,000 after acquiring an additional 1,511,029 shares during the period. Hood River Capital Management LLC raised its stake in shares of Butterfly Network by 3.6% in the 2nd quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company's stock valued at $10,255,000 after acquiring an additional 176,515 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Butterfly Network by 114.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company's stock valued at $8,680,000 after acquiring an additional 2,317,882 shares during the period. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.

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