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

Butterfly Network, Inc. (NYSE:BFLY) shares gapped down prior to trading on Monday . The stock had previously closed at $2.85, but opened at $2.70. Butterfly Network shares last traded at $2.58, with a volume of 752,321 shares.

Butterfly Network Stock Up 0.2 %

The company has a market capitalization of $618.24 million, a PE ratio of -5.53 and a beta of 2.48. The firm has a 50-day moving average of $3.87 and a two-hundred day moving average of $2.87.

Insider Transactions at Butterfly Network

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. White Pine Capital LLC acquired a new position in Butterfly Network during the fourth quarter worth $398,000. Charles Schwab Investment Management Inc. increased its stake in shares of Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after purchasing an additional 35,800 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new position in shares of Butterfly Network during the 4th quarter worth about $287,000. Palumbo Wealth Management LLC lifted its stake in Butterfly Network by 528.1% in the 4th quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company’s stock valued at $229,000 after buying an additional 61,688 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new stake in Butterfly Network in the 4th quarter worth about $525,000. 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.