Butterfly Network (NYSE:BFLY) Shares Gap Down - Here's Why

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $2.75, but opened at $2.65. Butterfly Network shares last traded at $2.65, with a volume of 114,873 shares.

Wall Street Analyst Weigh In

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

Butterfly Network Stock Down 3.0 %

The firm's 50 day simple moving average is $3.67 and its 200-day simple moving average is $2.97. The company has a market capitalization of $661.97 million, a PE ratio of -5.86 and a beta of 2.48.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BFLY. Ground Swell Capital LLC acquired a new position in shares of Butterfly Network in the 4th quarter valued at approximately $32,000. Y Intercept Hong Kong Ltd acquired a new position in Butterfly Network during the 4th quarter valued at approximately $34,000. Verdence Capital Advisors LLC acquired a new stake in Butterfly Network in the fourth quarter worth $41,000. Barclays PLC lifted its stake in Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company's stock valued at $44,000 after buying an additional 25,011 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new position in shares of Butterfly Network during the third quarter valued at $44,000. Institutional investors and hedge funds own 37.85% of the company's stock.

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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.