Butterfly Network (NYSE:BFLY) Shares Down 6.1% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price fell 6.1% on Tuesday . The stock traded as low as $3.94 and last traded at $3.97. 839,559 shares were traded during mid-day trading, a decline of 87% from the average session volume of 6,255,928 shares. The stock had previously closed at $4.23.

Butterfly Network Price Performance

The stock has a market capitalization of $854.38 million, a PE ratio of -8.72 and a beta of 2.45. The company’s 50 day moving average price is $3.14 and its two-hundred day moving average price is $1.98.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business 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 period last year, the company posted ($0.13) EPS. Analysts forecast that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Butterfly Network

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

Institutional Trading of Butterfly Network

A number of hedge funds and other institutional investors have recently modified their holdings of BFLY. Geode Capital Management LLC lifted its position in Butterfly Network by 4.0% in the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after buying an additional 65,425 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Butterfly Network by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock valued at $1,691,000 after acquiring an additional 35,800 shares during the period. XTX Topco Ltd lifted its holdings in shares of Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after acquiring an additional 226,781 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Butterfly Network by 46.5% during the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after purchasing an additional 108,944 shares during the period. Finally, Marshall Wace LLP increased its holdings in Butterfly Network by 353.7% in the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after purchasing an additional 248,201 shares during the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

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.