Butterfly Network (NYSE:BFLY) Trading Down 7.5% - What's Next?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price was down 7.5% during mid-day trading on Monday . The stock traded as low as $3.16 and last traded at $3.20. Approximately 678,612 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 2,124,106 shares. The stock had previously closed at $3.46.

Analysts Set New Price Targets

Separately, Lake Street Capital assumed 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.

Butterfly Network Stock Down 6.6 %

The stock has a market capitalization of $688.19 million, a price-to-earnings ratio of -7.02 and a beta of 2.46. The company's fifty day simple moving average is $2.83 and its 200 day simple moving average is $1.83.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share 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 for the quarter, compared to analysts' expectations of $19.12 million. During the same period in the prior year, the firm earned ($0.13) EPS. As a group, analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now 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 sale was disclosed in a filing with the SEC, 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 transaction, the insider now directly owns 1,835,921 shares of the company's stock, valued at $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 195,911 shares of company stock worth $597,334 in the last ninety days. 27.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC lifted its position in shares of Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company's stock worth $44,000 after buying an additional 25,011 shares during the last quarter. Geode Capital Management LLC raised its stake in Butterfly Network by 4.0% during the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company's stock worth $3,049,000 after acquiring an additional 65,425 shares in the last quarter. XTX Topco Ltd lifted its holdings in shares of Butterfly Network by 169.7% in the third 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. Kovitz Investment Group Partners LLC bought a new position in shares of Butterfly Network in the third quarter worth about $44,000. Finally, Verition Fund Management LLC acquired a new stake in shares of Butterfly Network in the 3rd quarter valued at approximately $57,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.