Butterfly Network (NYSE:BFLY) Shares Gap Down - Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $2.97, but opened at $2.87. Butterfly Network shares last traded at $2.88, with a volume of 640,133 shares traded.

Analysts Set New Price Targets

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

Butterfly Network Trading Up 4.0 %

The firm has a market cap of $658.36 million, a P/E ratio of -6.72 and a beta of 2.46. The company's fifty day moving average price is $2.66 and its two-hundred day moving average price is $1.72.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings data 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. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The firm had revenue of $20.56 million for the quarter, compared to analysts' expectations of $19.12 million. During the same period in the prior year, the firm earned ($0.13) earnings per share. On average, analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in Butterfly Network by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company's stock valued at $3,049,000 after purchasing an additional 65,425 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company's stock worth $1,691,000 after buying an additional 35,800 shares during the last quarter. XTX Topco Ltd lifted its holdings in Butterfly Network by 169.7% in the third 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 during the period. Renaissance Technologies LLC boosted its stake in Butterfly Network by 46.5% in the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company's stock valued at $288,000 after acquiring an additional 108,944 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company's stock worth $267,000 after acquiring an additional 248,201 shares during the period. Institutional investors and hedge funds own 37.85% of the company's stock.

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.