Butterfly Network (NYSE:BFLY) Trading Down 8.1% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY) dropped 8.1% during mid-day trading on Monday . The stock traded as low as $3.35 and last traded at $3.33. Approximately 1,491,352 shares changed hands during trading, a decline of 68% from the average daily volume of 4,714,331 shares. The stock had previously closed at $3.62.

Butterfly Network Stock Performance

The firm has a market cap of $647.71 million, a price-to-earnings ratio of -6.61 and a beta of 2.47. The company’s 50-day moving average is $3.92 and its 200-day moving average is $2.78.

Insider Transactions at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the transaction, the insider now owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the sale, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. This trade represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Ground Swell Capital LLC acquired a new stake in shares of Butterfly Network during the 4th quarter worth approximately $32,000. Y Intercept Hong Kong Ltd bought a new position in Butterfly Network in the fourth quarter valued at approximately $34,000. Hartline Investment Corp grew its holdings in Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after acquiring an additional 10,000 shares during the period. Verdence Capital Advisors LLC bought a new stake in shares of Butterfly Network during the 4th quarter valued at $41,000. Finally, Barclays PLC lifted its stake in shares of Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares during the period. 37.85% of the stock is currently 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.