Butterfly Network (NYSE:BFLY) Shares Gap Down – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $3.73, but opened at $3.00. Butterfly Network shares last traded at $3.33, with a volume of 2,310,096 shares changing hands.

Butterfly Network Price Performance

The firm has a market cap of $772.35 million, a PE ratio of -7.88 and a beta of 2.47. The stock has a 50-day moving average price of $3.92 and a 200 day moving average price of $2.76.

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, CFO Heather C. Getz sold 30,136 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the sale, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the business’s 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 sale, the insider now directly owns 1,835,921 shares of the company’s stock, valued at approximately $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 owned by company insiders.

Institutional Investors Weigh In On Butterfly Network

Institutional investors have recently added to or reduced their stakes in the company. Ground Swell Capital LLC purchased a new stake in Butterfly Network during the fourth quarter valued at about $32,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Butterfly Network in the fourth quarter worth about $34,000. Verdence Capital Advisors LLC purchased a new stake in shares of Butterfly Network in the fourth quarter worth about $41,000. HBK Sorce Advisory LLC purchased a new stake in shares of Butterfly Network in the fourth quarter worth about $45,000. Finally, Dark Forest Capital Management LP purchased a new stake in shares of Butterfly Network in the fourth quarter worth about $45,000. Hedge funds and other 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.