Butterfly Network (NYSE:BFLY) Shares Gap Down – Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $2.28, but opened at $2.22. Butterfly Network shares last traded at $2.10, with a volume of 802,304 shares changing hands.

Wall Street Analyst Weigh In

Separately, William Blair started coverage on Butterfly Network in a research report on Monday, March 17th. They issued an “outperform” rating for the company.

Butterfly Network Stock Performance

The firm has a 50 day moving average price of $3.48 and a two-hundred day moving average price of $2.98. The company has a market capitalization of $570.87 million, a P/E ratio of -5.11 and a beta of 2.48.

Hedge Funds Weigh In On Butterfly Network

Institutional investors have recently bought and sold shares of the business. Ground Swell Capital LLC bought a new stake in shares of Butterfly Network during the fourth quarter valued at approximately $32,000. Y Intercept Hong Kong Ltd acquired a new position in Butterfly Network during the 4th quarter valued at about $34,000. Verdence Capital Advisors LLC bought a new position in shares of Butterfly Network in the 4th quarter valued at about $41,000. Barclays PLC boosted its stake in shares of Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new stake in shares of Butterfly Network during the 3rd quarter worth approximately $44,000. Institutional investors own 37.85% of the company’s stock.

About Butterfly Network

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.