Butterfly Network (NYSE:BFLY) Shares Down 6.8% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price fell 6.8% on Friday . The stock traded as low as $3.90 and last traded at $3.8670. 584,781 shares were traded during mid-day trading, a decline of 90% from the average session volume of 6,085,578 shares. The stock had previously closed at $4.15.

Analyst Upgrades and Downgrades

A number of research firms have commented on BFLY. Zacks Research downgraded Butterfly Network from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 26th. Lake Street Capital raised their price objective on Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a report on Monday, March 2nd. Craig Hallum reaffirmed a “buy” rating and issued a $5.25 target price on shares of Butterfly Network in a research report on Wednesday, January 21st. Finally, TD Cowen increased their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Stock Performance

The company has a market capitalization of $994.33 million, a price-to-earnings ratio of -12.60 and a beta of 2.27. The firm has a 50-day simple moving average of $3.76 and a two-hundred day simple moving average of $3.12.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. The business had revenue of $31.51 million for the quarter, compared to analysts’ expectations of $26.25 million. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 33.13%. As a group, equities analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In other news, Director Jonathan M. Rothberg sold 335,834 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $4.18, for a total value of $1,403,786.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Victor Ku sold 35,968 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $3.82, for a total value of $137,397.76. Following the transaction, the chief technology officer directly owned 811,962 shares of the company’s stock, valued at $3,101,694.84. The trade was a 4.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,236,330 shares of company stock valued at $5,072,023. 25.18% of the stock is currently owned by company insiders.

Institutional Trading of Butterfly Network

A number of large investors have recently made changes to their positions in BFLY. Farther Finance Advisors LLC raised its holdings in Butterfly Network by 25.4% in the fourth quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock valued at $58,000 after acquiring an additional 3,098 shares in the last quarter. Opal Wealth Advisors LLC grew its stake in shares of Butterfly Network by 10.1% during the fourth quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after purchasing an additional 3,355 shares in the last quarter. Kestra Private Wealth Services LLC increased its holdings in Butterfly Network by 11.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock valued at $211,000 after buying an additional 5,500 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Butterfly Network by 217.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 14,305 shares of the company’s stock valued at $54,000 after buying an additional 9,805 shares during the last quarter. Finally, Wisconsin Wealth Advisors LLC acquired a new stake in Butterfly Network in the fourth quarter valued at $38,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

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.