Butterfly Network (NYSE:BFLY) Stock Price Crosses Below 200 Day Moving Average After Insider Selling

Butterfly Network, Inc. (NYSE:BFLY)’s stock price passed below its 200-day moving average during trading on Friday after an insider sold shares in the company. 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 firm’s stock in a transaction 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 sale, the executive vice president directly owned 1,347,276 shares in the company, valued at approximately $9,430,932. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BFLY. TD Cowen reiterated a “buy” rating and set a $10.00 price target on shares of Butterfly Network in a research report on Friday, September 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Friday, October 30th. Needham & Company LLC initiated coverage on shares of Butterfly Network in a research report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price objective for the company. Canaccord Genuity Group began coverage on shares of Butterfly Network in a research note on Monday, October 12th. They issued a “buy” rating and a $10.00 target price for the company. Finally, Evercore started coverage on shares of Butterfly Network in a research report on Tuesday, September 29th. They set an “outperform” rating and a $15.00 target price on the stock. One equities research 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 given a Sell rating to the stock. Based on data from MarketBeat.com, Butterfly Network currently has an average rating of “Moderate Buy” and an average price target of $8.75.

Butterfly Network Trading Down 8.9%

The company has a 50 day moving average price of $7.68 and a 200 day moving average price of $6.14. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -28.93 and a beta of 2.16.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, October 29th. The company reported ($0.01) earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $28.37 million. Equities analysts predict that Butterfly Network, Inc. will post -0.17 earnings per share for the current year.

Institutional Trading of Butterfly Network

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in Butterfly Network by 2.7% during the 3rd quarter. State Street Corp now owns 5,915,904 shares of the company’s stock worth $53,006,000 after purchasing an additional 153,232 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Butterfly Network by 71.0% in 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 during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Butterfly Network by 30.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after purchasing an additional 557,100 shares during the last quarter. Sei Investments Co. grew its position in shares of Butterfly Network by 30.6% during the 1st quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after buying an additional 539,171 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of Butterfly Network by 37.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 718,175 shares of the company’s stock worth $6,435,000 after buying an additional 194,657 shares during the period. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Company Profile

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.