Butterfly Network (NYSE:BFLY) Stock Price Down 6.3% - Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price traded down 6.3% during trading on Wednesday . The stock traded as low as $3.28 and last traded at $3.30. 1,271,834 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 2,086,689 shares. The stock had previously closed at $3.52.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital assumed coverage on shares of Butterfly Network in a research note on Tuesday, September 10th. They set a "buy" rating and a $3.00 target price on the stock.

Butterfly Network Trading Down 11.4 %

The stock has a market cap of $664.75 million, a PE ratio of -6.78 and a beta of 2.46. The business has a fifty day simple moving average of $2.63 and a two-hundred day simple moving average of $1.72.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. The company had revenue of $20.56 million for the quarter, compared to analysts' expectations 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 period in the prior year, the firm earned ($0.13) earnings per share. On average, research analysts predict that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings 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 worth $3,049,000 after purchasing an additional 65,425 shares during the period. Charles Schwab Investment Management Inc. boosted its position 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 worth $1,691,000 after purchasing an additional 35,800 shares in the last quarter. XTX Topco Ltd grew its stake 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 buying an additional 226,781 shares during the last quarter. Renaissance Technologies LLC increased its position in Butterfly Network by 46.5% during the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company's stock valued at $288,000 after buying an additional 108,944 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company's stock valued at $267,000 after buying an additional 248,201 shares during the last quarter. 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.