Butterfly Network (NYSE:BFLY) Stock Price Down 5.3% – Here’s Why

Butterfly Network, Inc. (NYSE:BFLY) fell 5.3% on Wednesday . The company traded as low as $2.40 and last traded at $2.39. 435,486 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 2,845,344 shares. The stock had previously closed at $2.52.

Analyst Upgrades and Downgrades

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

Butterfly Network Trading Down 0.6 %

The company has a 50 day simple moving average of $3.01 and a 200 day simple moving average of $3.02. The stock has a market capitalization of $567.23 million, a PE ratio of -5.08 and a beta of 2.60.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently bought and sold shares of the company. Barclays PLC boosted its holdings in shares of Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after acquiring an additional 25,011 shares in the last quarter. Geode Capital Management LLC increased its position in Butterfly Network by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock worth $3,049,000 after purchasing an additional 65,425 shares during the period. Green Alpha Advisors LLC raised its stake in shares of Butterfly Network by 15.7% during the 4th quarter. Green Alpha Advisors LLC now owns 185,996 shares of the company’s stock worth $580,000 after buying an additional 25,212 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Butterfly Network in the 4th quarter valued at approximately $46,000. Finally, Kingswood Wealth Advisors LLC purchased a new stake in shares of Butterfly Network in the fourth quarter valued at approximately $70,000. 37.85% of the stock is owned by institutional investors and hedge funds.

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.