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

Butterfly Network, Inc. (NYSE:BFLY)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $2.85, but opened at $2.70. Butterfly Network shares last traded at $2.58, with a volume of 752,321 shares trading hands.

Butterfly Network Trading Down 11.4 %

The company has a market cap of $537.98 million, a P/E ratio of -5.49 and a beta of 2.48. The firm has a 50-day moving average of $3.90 and a 200 day moving average of $2.85.

Insider Transactions at Butterfly Network

In related 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 completion of the sale, the insider now owns 1,835,921 shares in the company, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Heather C. Getz sold 30,136 shares of the firm’s 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 transaction, the chief financial officer now owns 2,669,333 shares in the company, valued at approximately $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. Insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ground Swell Capital LLC purchased a new stake in Butterfly Network during the fourth quarter worth about $32,000. Y Intercept Hong Kong Ltd bought a new position in shares of Butterfly Network during the 4th quarter valued at approximately $34,000. Hartline Investment Corp increased its stake in shares of 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 purchasing an additional 10,000 shares during the last quarter. Verdence Capital Advisors LLC bought a new stake in shares of Butterfly Network in the 4th quarter worth approximately $41,000. Finally, Barclays PLC raised its holdings 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 worth $44,000 after purchasing an additional 25,011 shares during the period. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.