Butterfly Network (NYSE:BFLY) Trading Down 11.8% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY) was down 11.8% on Tuesday . The company traded as low as $3.56 and last traded at $3.56. Approximately 2,682,821 shares changed hands during trading, a decline of 42% from the average daily volume of 4,611,119 shares. The stock had previously closed at $4.03.

Butterfly Network Stock Performance

The stock has a market cap of $765.96 million, a price-to-earnings ratio of -7.82 and a beta of 2.47. The firm’s 50-day moving average price is $3.87 and its two-hundred day moving average price is $2.70.

Insider Transactions at Butterfly Network

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

Institutional Investors Weigh In On Butterfly Network

Several large investors have recently added to or reduced their stakes in the business. Cannon Global Investment Management LLC acquired a new stake in Butterfly Network in the third quarter valued at approximately $100,000. Hartline Investment Corp increased its holdings in shares of Butterfly Network by 87.0% in the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after acquiring an additional 10,000 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Butterfly Network by 22.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company’s stock worth $458,000 after acquiring an additional 46,630 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after purchasing an additional 35,800 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new position in Butterfly Network in the third quarter valued at approximately $57,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.