Butterfly Network (NYSE:BFLY) Share Price Crosses Below Two Hundred Day Moving Average on Insider Selling

Key Points

• Butterfly Network shares fell below their 200-day moving average of $6.14, trading as low as $6.06 and last at $6.075.
• EVP John Doherty sold 50,000 shares for $350,000 at an average price of $7.00, reducing his holdings by 3.58%; the sale was made under a pre-arranged Rule 10b5-1 plan.
• Analysts’ consensus rating is Moderate Buy, with an $8.75 average price target. The latest quarter also beat estimates, reporting a $0.01 per-share loss and $32.6 million in revenue.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares passed below its 200-day moving average during trading on Friday following insider selling activity. The stock has a 200-day moving average of $6.14 and traded as low as $6.06. Butterfly Network shares last traded at $6.0750, with a volume of 4,312,372 shares traded.

Specifically, EVP John Doherty sold 50,000 shares of the company's stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $7.00, for a total value of $350,000.00. Following the completion of the transaction, the executive vice president owned 1,347,276 shares of the company's stock, valued at $9,430,932. This represents a 3.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

A number of analysts have commented on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a research report on Friday, October 30th. Needham & Company LLC started coverage on Butterfly Network in a research report on Tuesday, September 22nd. They set a "buy" rating and a $10.00 price objective on the stock. Evercore began coverage on Butterfly Network in a research note on Tuesday, September 29th. They issued an "outperform" rating and a $15.00 target price for the company. TD Cowen reaffirmed a "buy" rating and issued a $10.00 target price on shares of Butterfly Network in a research report on Friday, September 11th. Finally, Canaccord Genuity Group started coverage on shares of Butterfly Network in a research note on Monday, October 12th. They set a "buy" rating and a $10.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Butterfly Network presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.75.

Butterfly Network Stock Down 8.9%

The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -28.93 and a beta of 2.16. The company's 50-day moving average is $7.68 and its 200-day moving average is $6.14.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The company reported ($0.01) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 21.60% and a negative net margin of 43.56%. The company had revenue of $32.60 million for the quarter, compared to the consensus estimate of $28.37 million. On average, research analysts forecast that Butterfly Network, Inc. will post -0.17 earnings per share for the current year.

Institutional Trading of Butterfly Network

Several institutional investors have recently bought and sold shares of BFLY. State Street Corp raised its stake in shares of Butterfly Network by 2.7% in the third quarter. State Street Corp now owns 5,915,904 shares of the company's stock valued at $53,006,000 after acquiring an additional 153,232 shares during the last quarter. Bank of America Corp DE grew its position 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 worth $16,827,000 after acquiring an additional 1,728,938 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Butterfly Network by 30.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company's stock worth $9,524,000 after acquiring an additional 557,100 shares during the last quarter. Sei Investments Co. increased its holdings in Butterfly Network by 30.6% during the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company's stock valued at $9,288,000 after purchasing an additional 539,171 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Butterfly Network by 37.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 718,175 shares of the company's stock valued at $6,435,000 after purchasing an additional 194,657 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company's stock.

About Butterfly Network

Butterfly Network develops portable ultrasound technology for healthcare professionals. Its handheld devices use the company's semiconductor-based Ultrasound-on-Chip technology to produce ultrasound images and connect with compatible mobile devices, offering an alternative to larger, cart-based systems. The company's products include the Butterfly iQ line of handheld ultrasound devices, along with software and cloud-based tools for viewing, managing and sharing medical images. Its offerings are designed for use across a range of clinical settings and applications.

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