Butterfly Network (NYSE:BFLY) Stock Price Down 5.7% – Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY) traded down 5.7% during trading on Friday . The company traded as low as $3.94 and last traded at $3.91. 2,461,570 shares were traded during mid-day trading, a decline of 43% from the average session volume of 4,341,104 shares. The stock had previously closed at $4.14.

Butterfly Network Trading Down 5.9 %

The firm has a 50-day simple moving average of $3.44 and a two-hundred day simple moving average of $2.19. The company has a market capitalization of $829.87 million, a price-to-earnings ratio of -8.47 and a beta of 2.45.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. The firm had revenue of $20.56 million for the quarter, compared to analyst estimates of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same quarter last year, the firm earned ($0.13) earnings per share. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Activity at Butterfly Network

In other Butterfly Network news, CFO Heather C. Getz sold 30,136 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the transaction, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the completion of the transaction, the insider now owns 1,835,921 shares in the company, valued at $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is owned by company insiders.

Institutional Trading of Butterfly Network

Several hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Butterfly Network during the fourth quarter valued at about $46,000. Hartline Investment Corp increased its stake in Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after acquiring an additional 10,000 shares during the period. Kingswood Wealth Advisors LLC acquired a new position in Butterfly Network in the 4th quarter valued at approximately $70,000. Kovitz Investment Group Partners LLC bought a new stake in shares of Butterfly Network in the 3rd quarter worth approximately $44,000. Finally, Barclays PLC grew its holdings in shares of Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after purchasing an additional 25,011 shares in the last quarter. Institutional investors own 37.85% of the company’s stock.

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.