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

Butterfly Network, Inc. (NYSE:BFLY) shares gapped down before the market opened 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 trading hands.

Butterfly Network Trading Down 2.2 %

The firm’s 50-day moving average price is $3.54 and its 200 day moving average price is $2.30.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $20.56 million for the quarter, compared to analysts’ expectations of $19.12 million. During the same quarter in the previous year, the company posted ($0.13) earnings per share. On average, research analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the transaction, the chief financial officer now owns 2,669,333 shares in the company, valued at $8,168,158.98. This represents a 1.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the sale, the insider now owns 1,835,921 shares in the company, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds have recently modified their holdings of BFLY. Palumbo Wealth Management LLC grew its holdings in Butterfly Network by 528.1% during the fourth quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company’s stock worth $229,000 after acquiring an additional 61,688 shares during the period. White Pine Capital LLC acquired a new stake in Butterfly Network during the fourth quarter valued at approximately $398,000. Calamos Advisors LLC acquired a new position in Butterfly Network in the fourth quarter worth approximately $525,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Butterfly Network during the fourth quarter worth $287,000. Finally, Kingswood Wealth Advisors LLC acquired a new position in shares of Butterfly Network in the 4th quarter valued at $70,000. 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.