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

Butterfly Network, Inc. (NYSE:BFLY)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $2.75, but opened at $2.65. Butterfly Network shares last traded at $2.65, with a volume of 114,873 shares.

Analyst Ratings Changes

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

Butterfly Network Stock Down 4.0 %

The firm has a market capitalization of $641.56 million, a PE ratio of -5.74 and a beta of 2.48. The company’s 50-day simple moving average is $3.68 and its 200 day simple moving average is $2.95.

Institutional Trading of Butterfly Network

Hedge funds have recently modified their holdings of the company. Ground Swell Capital LLC purchased a new stake in shares of Butterfly Network during the fourth quarter valued at about $32,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Butterfly Network in the 4th quarter valued at approximately $34,000. Verdence Capital Advisors LLC purchased a new position in shares of Butterfly Network in the 4th quarter valued at approximately $41,000. HBK Sorce Advisory LLC purchased a new position in shares of Butterfly Network in the 4th quarter valued at approximately $45,000. Finally, Dark Forest Capital Management LP purchased a new position in shares of Butterfly Network in the 4th quarter valued at approximately $45,000. 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.