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

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $3.73, but opened at $3.00. Butterfly Network shares last traded at $3.33, with a volume of 2,310,096 shares trading hands.

Butterfly Network Trading Down 0.5 %

The stock has a market capitalization of $644.51 million, a P/E ratio of -6.58 and a beta of 2.47. The firm's fifty day moving average is $3.92 and its 200-day moving average is $2.80.

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the transaction, the insider now directly owns 1,835,921 shares of the company's stock, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Heather C. Getz sold 30,136 shares of the business's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the transaction, the chief financial officer now directly owns 2,669,333 shares of the company's stock, valued at approximately $8,168,158.98. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by insiders.

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Hedge Funds Weigh In On Butterfly Network

A number of institutional investors have recently modified their holdings of BFLY. Ground Swell Capital LLC bought a new position in shares of Butterfly Network in the fourth quarter worth about $32,000. Y Intercept Hong Kong Ltd bought a new position in shares of Butterfly Network in the fourth quarter worth about $34,000. Hartline Investment Corp raised its stake in shares of Butterfly Network by 87.0% in the third quarter. Hartline Investment Corp now owns 21,500 shares of the company's stock worth $38,000 after acquiring an additional 10,000 shares during the last quarter. Verdence Capital Advisors LLC bought a new position in shares of Butterfly Network in the fourth quarter worth about $41,000. Finally, Barclays PLC raised its stake in shares of Butterfly Network by 27,790.0% in the third 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 owned by institutional investors.

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.