Butterfly Network (NYSE:BFLY) Shares Gap Down - Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price 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.

Analysts Set New Price Targets

Separately, William Blair began coverage on 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 $3.40 and its two-hundred day moving average price is $2.98. The stock has a market capitalization of $495.56 million, a P/E ratio of -4.43 and a beta of 2.60.

Institutional Investors Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its position in shares of Butterfly Network by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company's stock valued at $1,691,000 after purchasing an additional 35,800 shares during the last quarter. Verition Fund Management LLC purchased a new position in Butterfly Network during the third quarter worth $57,000. Kovitz Investment Group Partners LLC bought a new position in Butterfly Network during the third quarter valued at $44,000. XTX Topco Ltd raised its stake in shares of Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company's stock valued at $638,000 after acquiring an additional 226,781 shares during the period. Finally, Barclays PLC lifted 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 acquiring an additional 25,011 shares during the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

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.