Butterfly Network (NYSE:BFLY) Trading Down 5.4% – Time to Sell?

Butterfly Network, Inc. (NYSE:BFLY)’s share price traded down 5.4% on Thursday . The company traded as low as $2.46 and last traded at $2.46. 1,792,189 shares changed hands 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 started coverage on Butterfly Network in a research report on Monday, March 17th. They issued an “outperform” rating for the company.

Butterfly Network Stock Performance

The company’s fifty day moving average price is $3.63 and its two-hundred day moving average price is $2.97. The firm has a market capitalization of $601.23 million, a PE ratio of -5.38 and a beta of 2.48.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds have recently made changes to their positions in the stock. White Pine Capital LLC purchased a new position in shares of Butterfly Network in the 4th quarter worth $398,000. Charles Schwab Investment Management Inc. increased its stake in 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 acquiring an additional 35,800 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of Butterfly Network in the 4th quarter worth about $287,000. Palumbo Wealth Management LLC grew its holdings in shares of Butterfly Network by 528.1% during the 4th quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company’s stock worth $229,000 after purchasing an additional 61,688 shares during the period. Finally, Calamos Advisors LLC acquired a new stake in Butterfly Network during the 4th quarter worth approximately $525,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.