Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) dropped 6.1% during trading on Tuesday . The company traded as low as $3.94 and last traded at $3.97. Approximately 839,559 shares were traded during trading, a decline of 87% from the average daily volume of 6,255,928 shares. The stock had previously closed at $4.23.
Wall Street Analysts Forecast Growth
Separately, Lake Street Capital started coverage on Butterfly Network in a research note on Tuesday, September 10th. They set a "buy" rating and a $3.00 target price for the company.
Check Out Our Latest Stock Analysis on BFLY
Butterfly Network Stock Down 4.3 %
The stock's 50 day moving average price is $3.06 and its two-hundred day moving average price is $1.95. The firm has a market capitalization of $862.90 million, a price-to-earnings ratio of -8.80 and a beta of 2.45.
Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.01. The firm had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same quarter in the prior year, the company posted ($0.13) earnings per share. On average, equities analysts expect that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.
Insider Buying and Selling
In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the sale, the insider now owns 1,835,921 shares of the company's stock, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the sale, the chief financial officer now directly owns 2,669,333 shares of the company's stock, valued at $8,168,158.98. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company's stock.
Institutional Trading of Butterfly Network
Several institutional investors have recently modified their holdings of BFLY. Charles Schwab Investment Management Inc. boosted its holdings in Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company's stock valued at $1,691,000 after purchasing an additional 35,800 shares in the last quarter. XTX Topco Ltd boosted its stake in Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company's stock valued at $638,000 after buying an additional 226,781 shares in the last quarter. Oppenheimer & Co. Inc. grew its position in Butterfly Network by 22.0% in the third quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company's stock valued at $458,000 after acquiring an additional 46,630 shares during the period. Verition Fund Management LLC acquired a new position in Butterfly Network during the third quarter worth $57,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Butterfly Network by 1,045.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company's stock valued at $216,000 after acquiring an additional 234,530 shares during the period. Institutional investors and hedge funds own 37.85% of the company's stock.
About Butterfly Network
(
Get Free Report)
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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