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

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares gapped down before the market opened 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 changing hands.

Analysts Set New Price Targets

Separately, William Blair assumed coverage on shares of Butterfly Network in a research note on Monday, March 17th. They issued an "outperform" rating for the company.

Butterfly Network Price Performance

The firm has a market capitalization of $663.18 million, a price-to-earnings ratio of -5.93 and a beta of 2.48. The business has a fifty day moving average price of $3.65 and a two-hundred day moving average price of $2.97.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Butterfly Network by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company's stock worth $23,204,000 after purchasing an additional 109,842 shares in the last quarter. First Light Asset Management LLC purchased a new stake in Butterfly Network during the fourth quarter worth $12,463,000. Geode Capital Management LLC boosted its holdings in Butterfly Network by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company's stock worth $5,470,000 after buying an additional 30,828 shares in the last quarter. Capital World Investors purchased a new position in Butterfly Network in the fourth quarter valued at $4,239,000. Finally, Schonfeld Strategic Advisors LLC raised 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 worth $3,996,000 after acquiring an additional 359,732 shares during the period. Institutional investors and hedge funds own 37.85% of the company's stock.

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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.