Butterfly Network (NYSE:BFLY) Shares Gap Down – Should You Sell?

Butterfly Network, Inc. (NYSE:BFLY) gapped down prior to trading on Tuesday . The stock had previously closed at $2.28, but opened at $2.22. Butterfly Network shares last traded at $2.10, with a volume of 802,304 shares changing hands.

Analysts Set New Price Targets

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

Butterfly Network Stock Down 2.4 %

The company has a 50-day moving average of $3.54 and a 200 day moving average of $2.99. The stock has a market capitalization of $540.50 million, a PE ratio of -4.82 and a beta of 2.48.

Institutional Trading of Butterfly Network

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Butterfly Network by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company’s stock worth $23,204,000 after purchasing an additional 109,842 shares during the last quarter. First Light Asset Management LLC acquired a new stake in shares of Butterfly Network in the fourth quarter valued at approximately $12,463,000. Geode Capital Management LLC lifted its position in Butterfly Network by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company’s stock worth $5,470,000 after buying an additional 30,828 shares in the last quarter. Capital World Investors purchased a new stake in Butterfly Network in the 4th quarter valued at $4,239,000. Finally, Schonfeld Strategic Advisors LLC grew its holdings in Butterfly Network by 39.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,280,632 shares of the company’s stock valued at $3,996,000 after buying an additional 359,732 shares in the last quarter. 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.