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

Butterfly Network, Inc. (NYSE:BFLY) shares were down 11.8% on Tuesday . The company traded as low as $3.56 and last traded at $3.56. Approximately 2,682,821 shares traded hands during mid-day 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 Down 10.8 %

The business’s 50-day moving average is $3.87 and its two-hundred day moving average is $2.70. The stock has a market capitalization of $765.96 million, a PE ratio of -7.82 and a beta of 2.47.

Insider Buying and Selling

In other Butterfly Network news, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the transaction, the chief financial officer now directly owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. This trade represents a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction dated 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 owns 1,835,921 shares of the company’s stock, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently bought and sold shares of the business. White Pine Capital LLC acquired a new stake in shares of Butterfly Network during the fourth quarter worth approximately $398,000. Charles Schwab Investment Management Inc. lifted its position in shares of 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. Baader Bank Aktiengesellschaft acquired a new position in Butterfly Network in the fourth quarter worth about $287,000. Palumbo Wealth Management LLC increased its holdings in Butterfly Network by 528.1% in the fourth quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company’s stock valued at $229,000 after buying an additional 61,688 shares during the last quarter. Finally, Calamos Advisors LLC acquired a new stake in Butterfly Network during the fourth quarter valued at approximately $525,000. Institutional investors and hedge funds 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.