Butterfly Network (NYSE:BFLY) Shares Down 5.3% - What's Next?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price was down 5.3% during trading on Wednesday . The stock traded as low as $2.40 and last traded at $2.39. Approximately 435,486 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 2,845,344 shares. The stock had previously closed at $2.52.

Analysts Set New Price Targets

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

Butterfly Network Stock Down 0.6 %

The company has a market cap of $567.23 million, a PE ratio of -5.08 and a beta of 2.60. The firm has a 50 day simple moving average of $2.98 and a 200-day simple moving average of $3.03.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently bought and sold shares of BFLY. Ground Swell Capital LLC purchased a new stake in shares of Butterfly Network during the 4th quarter valued at $32,000. Y Intercept Hong Kong Ltd purchased a new stake in Butterfly Network in the fourth quarter valued at about $34,000. Verdence Capital Advisors LLC purchased a new stake in shares of Butterfly Network during the fourth quarter worth about $41,000. Barclays PLC increased its holdings in shares of Butterfly Network by 27,790.0% during the third quarter. Barclays PLC now owns 25,101 shares of the company's stock valued at $44,000 after acquiring an additional 25,011 shares in the last quarter. Finally, HBK Sorce Advisory LLC acquired a new stake in Butterfly Network in the 4th quarter worth approximately $45,000. Hedge funds and other institutional investors own 37.85% of the company's stock.

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.