Butterfly Network (NYSE:BFLY) Shares Gap Down – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s stock 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 Analysts Forecast Growth

Separately, William Blair assumed coverage on shares of Butterfly Network in a research report on Monday, March 17th. They set an “outperform” rating on the stock.

Butterfly Network Stock Up 5.9 %

The firm has a market capitalization of $570.87 million, a price-to-earnings ratio of -5.11 and a beta of 2.48. The business’s fifty day moving average is $3.48 and its 200 day moving average is $2.98.

Institutional Investors Weigh In On Butterfly Network

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