Butterfly Network, Inc. (NYSE:BFLY – Get Free Report)’s stock price fell 6.1% during trading on Tuesday . The company traded as low as $7.64 and last traded at $7.6060. Approximately 2,061,174 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 6,585,138 shares. The stock had previously closed at $8.10.
Analyst Ratings Changes
A number of equities analysts recently weighed in on BFLY shares. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.56.
Get Our Latest Stock Report on BFLY
Butterfly Network Trading Down 5.1%
Butterfly Network (NYSE:BFLY – Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The business had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. As a group, analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current year.
Insider Activity at Butterfly Network
In related news, EVP John N. Doherty sold 55,229 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total transaction of $434,652.23. Following the transaction, the executive vice president directly owned 1,454,412 shares of the company’s stock, valued at approximately $11,446,222.44. This represents a 3.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Victor Ku sold 35,649 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $7.87, for a total value of $280,557.63. Following the completion of the transaction, the chief technology officer owned 1,063,639 shares in the company, valued at approximately $8,370,838.93. The trade was a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 736,367 shares of company stock worth $4,548,090. 21.99% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Butterfly Network
Hedge funds and other institutional investors have recently modified their holdings of the company. AWM Investment Company Inc. raised its position in shares of Butterfly Network by 750.0% during the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after purchasing an additional 3,000,000 shares during the period. Bank of America Corp DE increased its stake in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares in the last quarter. First Light Asset Management LLC increased its stake in Butterfly Network by 149.3% during the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock valued at $10,686,000 after purchasing an additional 1,684,133 shares in the last quarter. Sei Investments Co. acquired a new position in Butterfly Network during the second quarter worth $2,183,000. Finally, Deutsche Bank AG raised its holdings in Butterfly Network by 156.7% during the fourth quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock worth $6,279,000 after buying an additional 1,008,556 shares during the last quarter. Institutional investors own 37.85% of the company’s stock.
Butterfly Network Company Profile
Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.
Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.
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