Butterfly Network (NYSE:BFLY) Shares Gap Down – Should You Sell?

Shares of Butterfly Network, Inc. (NYSE:BFLY) 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 trading hands.

Wall Street Analyst Weigh In

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

Butterfly Network Stock Performance

The firm has a market cap of $540.50 million, a PE ratio of -4.82 and a beta of 2.48. The stock has a 50 day simple moving average of $3.54 and a two-hundred day simple moving average of $2.99.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BFLY. Vanguard Group Inc. grew its stake in shares of Butterfly Network by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company’s stock worth $23,204,000 after purchasing an additional 109,842 shares during the period. First Light Asset Management LLC acquired a new stake in Butterfly Network during the fourth quarter valued at $12,463,000. Geode Capital Management LLC grew its position in Butterfly Network by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company’s stock valued at $5,470,000 after buying an additional 30,828 shares during the period. Capital World Investors purchased a new position in Butterfly Network in the fourth quarter valued at $4,239,000. Finally, Schonfeld Strategic Advisors LLC raised its position in shares of Butterfly Network by 39.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,280,632 shares of the company’s stock worth $3,996,000 after acquiring an additional 359,732 shares during the period. 37.85% of the stock is owned by institutional investors and hedge funds.

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.