Butterfly Network (NYSE:BFLY) Trading 8% Higher – Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY) was up 8% during trading on Tuesday . The stock traded as high as $4.27 and last traded at $4.28. Approximately 1,606,751 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 4,644,545 shares. The stock had previously closed at $3.96.

Butterfly Network Trading Down 1.9 %

The business has a fifty day simple moving average of $3.60 and a two-hundred day simple moving average of $2.38. The company has a market cap of $940.66 million, a PE ratio of -9.60 and a beta of 2.47.

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the transaction, the insider now directly owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the sale, the chief financial officer now owns 2,669,333 shares in the company, valued at $8,168,158.98. This represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is owned by corporate insiders.

Institutional Trading of Butterfly Network

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BFLY. Renaissance Technologies LLC raised its stake in shares of Butterfly Network by 46.5% in the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock valued at $288,000 after acquiring an additional 108,944 shares in the last quarter. Marshall Wace LLP increased its holdings in Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after purchasing an additional 248,201 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Butterfly Network in the 2nd quarter valued at about $90,000. Procyon Advisors LLC boosted its stake in shares of Butterfly Network by 7.3% in the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock valued at $145,000 after buying an additional 5,600 shares during the period. Finally, Cannon Global Investment Management LLC purchased a new stake in shares of Butterfly Network during the third quarter worth approximately $100,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.