Butterfly Network (NYSE:BFLY) Shares Down 5.7% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price fell 5.7% during mid-day trading on Friday . The stock traded as low as $3.94 and last traded at $3.91. 2,461,570 shares were traded during mid-day trading, a decline of 43% from the average session volume of 4,341,104 shares. The stock had previously closed at $4.14.

Butterfly Network Stock Down 5.9 %

The firm has a 50 day moving average of $3.47 and a 200-day moving average of $2.22.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The firm had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. During the same period in the previous year, the company posted ($0.13) EPS. On average, analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, CFO Heather C. Getz sold 30,136 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 $92,216.16. Following the transaction, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the transaction, the insider now directly owns 1,835,921 shares in the company, 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 own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hartline Investment Corp lifted its stake in shares of Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after buying an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC acquired a new position in Butterfly Network during the third quarter valued at $44,000. Barclays PLC lifted its position in Butterfly Network by 27,790.0% during the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares during the period. SG Americas Securities LLC acquired a new position in Butterfly Network during the fourth quarter valued at $46,000. Finally, Verition Fund Management LLC acquired a new position in Butterfly Network during the third quarter valued at $57,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.