Butterfly Network (NYSE:BFLY) Trading Up 8% - Here's Why

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) was up 8% during trading on Tuesday . The stock traded as high as $4.27 and last traded at $4.28. Approximately 1,606,751 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 4,644,545 shares. The stock had previously closed at $3.96.

Butterfly Network Price Performance

The firm's 50-day simple moving average is $3.65 and its two-hundred day simple moving average is $2.42. The company has a market capitalization of $923.62 million, a price-to-earnings ratio of -9.42 and a beta of 2.47.

Insiders Place Their Bets

In other news, insider Steve Cashman sold 164,079 shares of the company's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the sale, the insider now directly owns 1,835,921 shares in the company, valued at $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Heather C. Getz sold 30,136 shares of Butterfly Network 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 sale, the chief financial officer now 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 position. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by company insiders.

Institutional Trading of Butterfly Network

Hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd acquired a new stake in shares of Butterfly Network during the fourth quarter worth $34,000. Hartline Investment Corp boosted its stake in Butterfly Network by 87.0% in the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company's stock worth $38,000 after buying an additional 10,000 shares during the last quarter. Verdence Capital Advisors LLC purchased a new stake in Butterfly Network in the 4th quarter valued at about $41,000. Kovitz Investment Group Partners LLC acquired a new position in shares of Butterfly Network during the 3rd quarter valued at about $44,000. Finally, Barclays PLC lifted its holdings in shares of Butterfly Network by 27,790.0% during the 3rd 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 period. Institutional investors and hedge funds own 37.85% of the company's stock.

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.