Butterfly Network (NYSE:BFLY) Shares Break Below 200 Day Moving Average - What's Next?

Key Points

• Butterfly Network shares slipped below their 200-day moving average of $6.07, reaching an intraday low of $5.86 before last trading at $6.065.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $8.75; individual targets cited range from $10 to $15, alongside one Sell rating.
• The company beat quarterly earnings and revenue estimates, reporting EPS of -$0.01 and revenue of $32.6 million. Insiders sold a total of 376,455 shares in the last quarter.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $6.07 and traded as low as $5.86. Butterfly Network shares last traded at $6.0650, with a volume of 6,664,070 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Canaccord Genuity Group initiated coverage on Butterfly Network in a report on Monday, October 12th. They set a "buy" rating and a $10.00 price objective for the company. Evercore assumed coverage on Butterfly Network in a research report on Tuesday, September 29th. They issued an "outperform" rating and a $15.00 target price on the stock. Needham & Company LLC assumed coverage on Butterfly Network in a report on Tuesday, September 22nd. They issued a "buy" rating and a $10.00 target price on the stock. TD Cowen reissued a "buy" rating and set a $10.00 price target on shares of Butterfly Network in a research report on Friday, September 11th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Butterfly Network in a research note on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Butterfly Network presently has an average rating of "Moderate Buy" and an average price target of $8.75.

Butterfly Network Price Performance

The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -28.88 and a beta of 2.16. The business's 50-day simple moving average is $7.85 and its two-hundred day simple moving average is $6.07.

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 (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative net margin of 43.56% and a negative return on equity of 21.60%. The company had revenue of $32.60 million during the quarter, compared to the consensus estimate of $28.37 million. As a group, sell-side analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, CEO Joseph Devivo sold 90,600 shares of the firm's stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $7.01, for a total value of $635,106.00. Following the transaction, the chief executive officer directly owned 7,221,330 shares of the company's stock, valued at $50,621,523.30. This trade represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Megan Carlson sold 10,114 shares of the business's stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $8.74, for a total value of $88,396.36. Following the transaction, the chief accounting officer directly owned 401,971 shares in the company, valued at $3,513,226.54. This trade represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 376,455 shares of company stock worth $3,061,140 in the last quarter. 21.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors have recently made changes to their positions in the business. State Street Corp lifted its holdings in shares of Butterfly Network by 4.0% in the second quarter. State Street Corp now owns 5,762,672 shares of the company's stock valued at $48,522,000 after purchasing an additional 223,012 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Butterfly Network by 71.0% during the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company's stock valued at $16,827,000 after buying an additional 1,728,938 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Butterfly Network by 30.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company's stock valued at $9,524,000 after buying an additional 557,100 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Butterfly Network by 30.6% during the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company's stock valued at $9,288,000 after buying an additional 539,171 shares in the last quarter. Finally, Calamos Advisors LLC raised its position in Butterfly Network by 8.1% during the third quarter. Calamos Advisors LLC now owns 631,690 shares of the company's stock valued at $5,660,000 after buying an additional 47,600 shares during the period. 37.85% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable medical imaging technology designed to make ultrasound more accessible across hospitals, clinics, emergency-care settings and other care environments. The company's core products use a semiconductor-based ultrasound-on-chip platform, replacing conventional ultrasound systems' large arrays of piezoelectric transducers with a compact, software-driven probe.

Its product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound systems, which connect to compatible mobile devices and provide imaging across multiple clinical applications.

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