Butterfly Network (NYSE:BFLY) Stock Price Down 5.3% – Time to Sell?

Shares of Butterfly Network, Inc. (NYSE:BFLY) dropped 5.3% during trading on Wednesday . The stock traded as low as $2.40 and last traded at $2.39. Approximately 435,486 shares traded hands during trading, a decline of 85% from the average daily volume of 2,845,344 shares. The stock had previously closed at $2.52.

Wall Street Analyst Weigh In

Separately, William Blair started coverage on shares of Butterfly Network in a research report on Monday, March 17th. They set an “outperform” rating for the company.

Butterfly Network Stock Performance

The business’s fifty day moving average price is $3.09 and its 200-day moving average price is $3.02. The stock has a market cap of $563.58 million, a PE ratio of -5.04 and a beta of 2.60.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently modified their holdings of BFLY. Ground Swell Capital LLC bought a new stake in shares of Butterfly Network during the 4th quarter valued at about $32,000. Y Intercept Hong Kong Ltd bought a new position in Butterfly Network during the fourth quarter valued at approximately $34,000. Verdence Capital Advisors LLC purchased a new position in Butterfly Network during the 4th quarter valued at approximately $41,000. Barclays PLC increased its stake in 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 acquiring an additional 25,011 shares during the last quarter. Finally, HBK Sorce Advisory LLC purchased a new stake in shares of Butterfly Network during the 4th quarter worth approximately $45,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

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.