The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Butterfly Network Inc. shares valued at $143,482 were sold by Getz Heather C on Jul 05. At $2.19 per share, Getz Heather C sold 65,577 shares. The insider’s holdings dropped to 1,383,378 shares worth approximately $2.37 million following the completion of this transaction.
Also, Stoica Andrei G sold 45,633 shares, netting a total of over 99,845 in proceeds. Following the sale of shares at $2.19 each, the insider now holds 1,040,802 shares.
Before that, Weiss Lawrence T had sold 27,655 shares from its account. In a trade valued at $60,509, the CLO, GC and Corp Sec traded Butterfly Network Inc. shares for $2.19 each. Upon closing the transaction, the insider’s holdings decreased to 27,655 shares, worth approximately $2.11 million.
As published in their initiating research note from UBS on March 29, 2023, Butterfly Network Inc. [BFLY] has been a Neutral and the price target has been revised to $2.25. This represents a 24.0% premium over Thursday’s closing price.
Analyzing BFLY Stock Performance
On Thursday, Butterfly Network Inc. [NYSE: BFLY] plunged -2.84% to $1.71. The stock’s lowest price that day was $1.67, but it reached a high of $1.7602 in the same session. During the last five days, there has been a drop of approximately -3.93%. Over the course of the year, Butterfly Network Inc. shares have dropped approximately -30.49%. Shares of the company reached a 52-week high of $3.2200 on 02/02/23 and a 52-week low of $1.6250 on 03/30/23. A 50-day SMA is recorded $2.1868, while a 200-day SMA reached $2.3920. Nevertheless, trading volume fell to 1.78 million shares from 1.03 million shares the previous day.
Support And Resistance Levels for Butterfly Network Inc. (BFLY)
According to the 24-hour chart, there is a support level at 1.6666, which, if violated, would cause prices to drop to 1.6232. In the upper region, resistance lies at 1.7568. The next price resistance is at 1.8036. RSI (Relative Strength Index) is 32.96 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.1012, which suggests the price will decrease in the coming days. Percent R is at 93.10%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Butterfly Network Inc. subject to short interest?
Stocks of Butterfly Network Inc. saw a sharp rise in short interest on Jul 30, 2023 jumping by 0.31 million shares to 24.31 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 24.0 million shares. A jump of 1.28% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 14.8 of the overall float, the days-to-cover ratio (short ratio) jumped to 14.8.
Which companies own the most shares of Butterfly Network Inc. (BFLY)?
According to ARK Investment Management LLC filings, the company currently owns 12,749,251 shares, which is about 7.18% of the total BFLY shares outstanding. The investor’s shares have appreciated by 3,302,875 from its previous 13-F filing of 9446376.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $32,683,070. BlackRock Fund Advisors acquire a 5.98% interest valued at $25.52 million while Glenview Capital Management LLC 0 stake. In its current portfolio, Legal & General Investment Manage holds 2,763,509 shares valued at $7.1 million.
In terms of Butterfly Network Inc. share price expectations, FactSet research, analysts set an average price target of $3.50 in the next 12 months, up nearly 120.45% from the previous closing price of $1.76. Analysts anticipate Butterfly Network Inc. stock to reach $4.00 by 2023, with the lowest price target being $2.25. In spite of this, 4 analysts ranked Butterfly Network Inc. stock as an Overweight at the end of 2023.