Butterfly Network (NYSE:BFLY) Shares Gap Down - What's Next?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $3.51, but opened at $3.40. Butterfly Network shares last traded at $4.00, with a volume of 2,867,154 shares changing hands.

Butterfly Network Trading Down 0.2 %

The firm has a 50-day simple moving average of $3.54 and a two-hundred day simple moving average of $2.32. The company has a market capitalization of $848.83 million, a price-to-earnings ratio of -8.66 and a beta of 2.47.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $19.12 million. During the same period in the previous year, the business posted ($0.13) EPS. Equities research analysts anticipate that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Transactions at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the company's stock in a transaction dated 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 sale, the chief financial officer now owns 2,669,333 shares of the company's stock, valued at approximately $8,168,158.98. This represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steve Cashman sold 164,079 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 $502,081.74. Following the completion of the sale, the insider now directly owns 1,835,921 shares of the company's stock, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP lifted its stake 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 in the last quarter. XTX Topco Ltd increased its stake in Butterfly Network by 169.7% during the third quarter. XTX Topco Ltd now owns 360,392 shares of the company's stock worth $638,000 after purchasing an additional 226,781 shares during the period. Calamos Advisors LLC acquired a new stake in shares of Butterfly Network during the fourth quarter worth about $525,000. White Pine Capital LLC purchased a new position in shares of Butterfly Network in the fourth quarter valued at approximately $398,000. Finally, Renaissance Technologies LLC grew its holdings in shares of 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 purchasing an additional 108,944 shares in the last quarter. Institutional investors and hedge funds 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.