Butterfly Network, Inc. (NYSE:BFLY – Get Free Report) crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred 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 traded.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on BFLY. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Friday, October 30th. Evercore started coverage on shares of Butterfly Network in a research note on Tuesday, September 29th. They issued an “outperform” rating and a $15.00 price target on the stock. TD Cowen reissued a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a research report on Friday, September 11th. Canaccord Genuity Group assumed coverage on Butterfly Network in a research note on Monday, October 12th. They issued a “buy” rating and a $10.00 target price on the stock. Finally, Needham & Company LLC assumed coverage on Butterfly Network in a research note on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.75.
Get Our Latest Analysis on BFLY
Butterfly Network Stock Down 10.4%
The stock’s 50-day moving average price is $7.85 and its 200 day moving average price is $6.07. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -28.88 and a beta of 2.16.
Butterfly Network (NYSE:BFLY – Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.03. The company had revenue of $32.60 million for the quarter, compared to analyst estimates of $28.37 million. Butterfly Network had a negative return on equity of 21.60% and a negative net margin of 43.56%. On average, research analysts predict that Butterfly Network, Inc. will post -0.18 EPS for the current year.
Insider Activity
In other Butterfly Network news, General Counsel Nicholas Caezza sold 10,000 shares of Butterfly Network stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.75, for a total transaction of $97,500.00. Following the sale, the general counsel directly owned 300,307 shares of the company’s stock, valued at approximately $2,927,993.25. The trade was a 3.22% 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 this link. Also, CAO Megan Carlson sold 13,804 shares of the business’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $100,769.20. Following the completion of the sale, the chief accounting officer owned 412,085 shares in the company, valued at $3,008,220.50. This represents a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 376,455 shares of company stock valued at $3,061,140. 21.99% of the stock is owned by company insiders.
Institutional Trading of Butterfly Network
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in Butterfly Network in the third quarter valued at approximately $42,000. China Universal Asset Management Co. Ltd. bought a new position in Butterfly Network during the third quarter worth about $46,000. KBC Group NV acquired a new position in shares of Butterfly Network in the 1st quarter valued at approximately $25,000. Sterling Capital Management LLC boosted its holdings in shares of Butterfly Network by 880.0% in the third quarter. Sterling Capital Management LLC now owns 7,242 shares of the company’s stock valued at $65,000 after buying an additional 6,503 shares during the period. Finally, Benchmark Financial Wealth Advisors LLC bought a new position in Butterfly Network during the 3rd quarter worth about $94,000. 37.85% of the stock is owned by institutional investors.
About Butterfly Network
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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