Butterfly Network (NYSE:BFLY) Share Price Crosses Below 200-Day Moving Average – Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price crossed 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 traded.

Analyst Ratings Changes

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

Butterfly Network Trading Up 4.9%

The stock’s fifty day moving average is $7.80 and its 200 day moving average is $6.08. The company has a market capitalization of $1.70 billion, a P/E ratio of -30.32 and a beta of 2.16.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, October 29th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $32.60 million for the quarter, compared to analyst estimates of $28.37 million. On average, analysts expect that Butterfly Network, Inc. will post -0.17 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In related news, CEO Joseph Devivo sold 90,600 shares of the company’s stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $7.01, for a total transaction of $635,106.00. Following the completion of the transaction, the chief executive officer owned 7,221,330 shares in the company, valued at $50,621,523.30. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Louise Phanstiel purchased 115,200 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average cost of $8.68 per share, with a total value of $999,936.00. Following the purchase, the director directly owned 300,461 shares of the company’s stock, valued at $2,608,001.48. This trade represents a 62.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders sold 376,455 shares of company stock worth $3,061,140. Corporate insiders own 21.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position 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 worth $16,827,000 after purchasing an additional 1,728,938 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Butterfly Network during the second quarter valued at about $4,878,000. Dimensional Fund Advisors LP raised its stake in Butterfly Network by 30.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after buying an additional 557,100 shares in the last quarter. Sei Investments Co. raised its stake in Butterfly Network by 30.6% in the first 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 in the last quarter. Finally, Swiss National Bank purchased a new stake in Butterfly Network in the first quarter worth about $1,621,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.