Butterfly Network (NYSE:BFLY) Stock Price Down 5.4% - Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s share price traded down 5.4% during mid-day trading on Thursday . The company traded as low as $2.46 and last traded at $2.46. 1,792,189 shares were traded during mid-day trading, a decline of 59% from the average session volume of 4,404,134 shares. The stock had previously closed at $2.60.

Analyst Upgrades and Downgrades

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

Butterfly Network Trading Down 4.4 %

The firm has a market cap of $550.46 million, a P/E ratio of -4.93 and a beta of 2.48. The business's fifty day simple moving average is $3.57 and its 200-day simple moving average is $2.98.

Institutional Trading of Butterfly Network

A number of institutional investors have recently added to or reduced their stakes in BFLY. Sound View Wealth Advisors Group LLC increased its position in shares of Butterfly Network by 18.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 16,000 shares of the company's stock valued at $50,000 after buying an additional 2,500 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Butterfly Network by 15.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company's stock valued at $97,000 after acquiring an additional 4,212 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Butterfly Network by 23.9% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company's stock worth $74,000 after acquiring an additional 4,606 shares during the period. Kovitz Investment Group Partners LLC lifted its stake in Butterfly Network by 37.0% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company's stock worth $107,000 after purchasing an additional 9,250 shares in the last quarter. Finally, Ground Swell Capital LLC bought a new position in Butterfly Network in the 4th quarter valued at $32,000. Hedge funds and other institutional investors 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.