Butterfly Network (NYSE:BFLY) Shares Gap Down - What's Next?

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) 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 changing hands.

Butterfly Network Price Performance

The stock has a market capitalization of $623.10 million, a P/E ratio of -5.56 and a beta of 2.48. The stock's fifty day moving average is $3.87 and its 200-day moving average is $2.87.

Insider Buying and Selling

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

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Hedge Funds Weigh In On Butterfly Network

A number of institutional investors have recently added to or reduced their stakes in BFLY. Vanguard Group Inc. boosted its stake in Butterfly Network by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company's stock worth $23,204,000 after acquiring an additional 109,842 shares in the last quarter. First Light Asset Management LLC bought a new position in Butterfly Network during the fourth quarter worth about $12,463,000. Geode Capital Management LLC boosted its position in shares of Butterfly Network by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company's stock valued at $5,470,000 after acquiring an additional 30,828 shares during the period. Capital World Investors bought a new position in shares of Butterfly Network in the fourth quarter valued at approximately $4,239,000. Finally, Schonfeld Strategic Advisors LLC boosted 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 valued at $3,996,000 after acquiring an additional 359,732 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.