An Analysis of Butterfly Network Inc. (BFLY)’s Potential Price Growth


Butterfly Network Inc.’s filing revealed that its Chief Technology Officer Stoica Andrei G unloaded Company’s shares for reported $71892.0 on Mar 06. In the deal valued at $2.25 per share,31,965 shares were sold. As a result of this transaction, Stoica Andrei G now holds 1,113,584 shares worth roughly $ 2.2 million.

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Then, Martin John David sold 4,841 shares, generating $11,684 in total proceeds. Upon selling the shares at $2.41, the Chief Medical Officer now owns 286,516 shares.

Before that, Shahida Darius sold 26,885 shares. Butterfly Network Inc. shares valued at $63,446 were divested by the Chief Strategy/Bus Dev Officer at a price of $2.36 per share. As a result of the transaction, Shahida Darius now holds 629,908 shares, worth roughly $1.25 million.

Oppenheimer initiated its Butterfly Network Inc. [BFLY] rating to an Outperform in a research note published on Tuesday, November 29, 2022; the price target was $4.50. PT values the company’s stock at a premium of 56.0 to its Tuesday closing price. A number of analysts have revised their coverage, including B. Riley Securities’s analysts, who began to cover the stock in early October with a ‘”a Buy”‘ rating. UBS began covering BFLY with “Neutral” recommendation on December 17, 2021. Cowen started covering the stock on June 21, 2021. It rated BFLY as “an Outperform”.

Price Performance Review of BFLY

On Tuesday, Butterfly Network Inc. [NYSE:BFLY] saw its stock fall -0.50% to $1.98. On the same session, the stock had its day’s lowest price of $1.935, but rose to a high of $2.08. Over the last five days, the stock has lost -7.91%. Butterfly Network Inc. shares have fallen nearly -19.51% since the year began. Nevertheless, the stocks have fallen -50.99% over the past one year. While a 52-week high of $8.72 was reached on 02/02/23, a 52-week low of $1.82 was recorded on 03/13/23. SMA at 50 days reached $2.4570, while 200 days put it at $3.8135. A total of 1.25 million shares were traded, compared to the trading of 1.76 million shares in the previous session.

Levels Of Support And Resistance For BFLY Stock

The 24-hour chart illustrates a support level at 1.9167, which if violated will result in even more drops to 1.8533. On the upside, there is a resistance level at 2.0617. A further resistance level may holdings at 2.1433. The Relative Strength Index (RSI) on the 14-day chart is 37.23, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.2060, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 78.66%. Stochastics %K at 17.70% indicates the stock is a buying.

How much short interest is there in Butterfly Network Inc.?

A steep rise in short interest was recorded in Butterfly Network Inc. stocks on Jan 30, 2023, dropping by -1.51 million shares to a total of 16.87 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 18.38 million shares. There was a decline of -8.95%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 11.18% of the overall stock float, the days-to-cover ratio (short ratio) fell to 10.22.

Butterfly Network Inc. [BFLY] – Who Are The Largest Shareholders?

In filings from Glenview Capital Management LLC, it is revealed that the company now owns 15,695,821 shares, or roughly 9.01% of the outstanding BFLY shares. In other words, the investor’s shares have risen by 10,231,070 from its previous 13-F filing of 5464751.0. Additionally, The Vanguard Group, Inc. increased 4.86% of its stake after which the total value it holdings stand at $29,194,714, while ARK Investment Management LLC reduced -7.75% of its stake to hold $24.6 million in the firm. Over the last quarter, BlackRock Fund Advisors purchased 529,113 shares of Butterfly Network Inc., while SSgA Funds Management, Inc. bought 1,377,253 shares. At present, Fidelity Management & Research Co is holding 3,658,235 shares valued at $9.0 million. Geode Capital Management LLC owned 2,576,967 shares of the company at the time of its most recent 13F filing, worth $6.34 million.

According to FactSet, Butterfly Network Inc.’s share price will average $6.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 201.51 percent from its previous closing price of $1.99. Analysts expect Butterfly Network Inc. stock to reach the higher price of $7.50, while the lowest price estimate is $4.50. However, 3 analysts have rated BFLY stock as a Buy in their predictions for 2023.


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