Butterfly Network (NYSE:BFLY) Shares Gap Down – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY) shares gapped down prior to trading on Friday . The stock had previously closed at $2.75, but opened at $2.65. Butterfly Network shares last traded at $2.65, with a volume of 114,873 shares.

Analysts Set New Price Targets

Separately, William Blair initiated coverage on Butterfly Network in a report on Monday. They issued an “outperform” rating for the company.

Butterfly Network Trading Down 3.8 %

The firm has a fifty day moving average of $3.70 and a two-hundred day moving average of $2.92. The company has a market cap of $642.53 million, a PE ratio of -5.75 and a beta of 2.48.

Institutional Investors Weigh In On Butterfly Network

Large investors have recently added to or reduced their stakes in the company. Ground Swell Capital LLC purchased a new position in Butterfly Network during the 4th quarter valued at about $32,000. Y Intercept Hong Kong Ltd purchased a new position in Butterfly Network during the 4th quarter valued at about $34,000. Verdence Capital Advisors LLC purchased a new position in Butterfly Network during the 4th quarter valued at about $41,000. HBK Sorce Advisory LLC purchased a new position in Butterfly Network during the 4th quarter valued at about $45,000. Finally, Dark Forest Capital Management LP purchased a new position in Butterfly Network during the 4th quarter valued at about $45,000. 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.