Butterfly Network (NYSE:BFLY) Stock Price Down 7.9% - Here's Why

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price was down 7.9% during trading on Monday . The stock traded as low as $4.05 and last traded at $4.00. Approximately 719,393 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 4,822,235 shares. The stock had previously closed at $4.34.

Butterfly Network Stock Performance

The company's 50 day moving average price is $3.72 and its 200 day moving average price is $2.50. The company has a market cap of $989.66 million, a price-to-earnings ratio of -10.10 and a beta of 2.47.

Insider Buying and Selling

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

Institutional Trading of Butterfly Network

A number of large investors have recently bought and sold shares of BFLY. Raymond James Financial Inc. bought a new stake in Butterfly Network during the 4th quarter worth approximately $3,154,000. Marshall Wace LLP bought a new position in shares of Butterfly Network during the 4th quarter worth approximately $1,155,000. Russell Investments Group Ltd. bought a new position in shares of Butterfly Network during the 4th quarter worth approximately $1,090,000. EAM Investors LLC bought a new position in shares of Butterfly Network during the 4th quarter worth approximately $1,056,000. Finally, XTX Topco Ltd grew its stake in shares of Butterfly Network by 169.7% during the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company's stock worth $638,000 after acquiring an additional 226,781 shares in the last quarter. 37.85% of the stock is owned by institutional investors.

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.