Butterfly Network (NYSE:BFLY) Trading Down 5.4% – Should You Sell?

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

Analyst Ratings Changes

Separately, William Blair began coverage on shares of Butterfly Network in a research note on Monday, March 17th. They issued an “outperform” rating for the company.

Butterfly Network Stock Performance

The firm’s 50 day simple moving average is $3.57 and its 200-day simple moving average is $2.97. The company has a market capitalization of $574.27 million, a price-to-earnings ratio of -5.14 and a beta of 2.48.

Institutional Investors Weigh In On Butterfly Network

Institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its position in Butterfly Network by 15.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company’s stock valued at $97,000 after buying an additional 4,212 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Butterfly Network during the 4th quarter valued at about $91,000. Alpine Global Management LLC acquired a new stake in shares of Butterfly Network in the 4th quarter valued at about $95,000. Two Sigma Advisers LP acquired a new position in Butterfly Network during the fourth quarter worth $233,000. Finally, Two Sigma Investments LP raised its stake in shares of Butterfly Network by 392.1% during the 4th quarter. Two Sigma Investments LP now owns 637,474 shares of the company’s stock worth $1,989,000 after purchasing an additional 507,923 shares in the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

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.