Butterfly Network (NYSE:BFLY) Stock Price Down 5.4% – Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY) dropped 5.4% on Thursday . The stock traded as low as $2.46 and last traded at $2.46. Approximately 1,792,189 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 4,404,134 shares. The stock had previously closed at $2.60.

Wall Street Analysts Forecast Growth

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

Butterfly Network Stock Down 3.1 %

The firm has a market cap of $574.27 million, a PE ratio of -5.14 and a beta of 2.48. The firm’s fifty day simple moving average is $3.57 and its two-hundred day simple moving average is $2.97.

Institutional Investors Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently modified their holdings of BFLY. Wealth Enhancement Advisory Services LLC boosted its stake in Butterfly Network by 15.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company’s stock worth $97,000 after buying an additional 4,212 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in Butterfly Network in the fourth quarter valued at $91,000. Alpine Global Management LLC purchased a new stake in shares of Butterfly Network during the 4th quarter worth approximately $95,000. Two Sigma Advisers LP purchased a new position in Butterfly Network during the 4th quarter worth approximately $233,000. Finally, Two Sigma Investments LP grew its holdings in shares of Butterfly Network by 392.1% during the fourth quarter. Two Sigma Investments LP now owns 637,474 shares of the company’s stock worth $1,989,000 after buying an additional 507,923 shares during the last quarter. 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.