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

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $2.07, but opened at $2.26. Butterfly Network shares last traded at $2.24, with a volume of 137,104 shares trading hands.

Analyst Upgrades and Downgrades

Separately, William Blair began coverage on shares of Butterfly Network in a research report on Monday, March 17th. They issued an "outperform" rating on the stock.

Butterfly Network Price Performance

The company has a fifty day moving average price of $3.17 and a 200 day moving average price of $3.00. The company has a market capitalization of $593.95 million, a P/E ratio of -5.32 and a beta of 2.60.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Butterfly Network by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company's stock valued at $23,204,000 after acquiring an additional 109,842 shares during the period. First Light Asset Management LLC acquired a new position in Butterfly Network during the 4th quarter valued at about $12,463,000. Geode Capital Management LLC grew its position in Butterfly Network by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company's stock worth $5,470,000 after purchasing an additional 30,828 shares during the last quarter. Capital World Investors bought a new position in Butterfly Network in the 4th quarter worth about $4,239,000. Finally, Schonfeld Strategic Advisors LLC increased its stake 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 purchasing an additional 359,732 shares during the period. 37.85% of the stock is currently owned by institutional investors.

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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.