Butterfly Network (NYSE:BFLY) Stock Price Down 7.9% – Here’s Why

Shares of Butterfly Network, Inc. (NYSE:BFLY) dropped 7.9% during trading on Monday . The company traded as low as $4.05 and last traded at $4.00. Approximately 719,393 shares changed hands during trading, a decline of 85% from the average daily volume of 4,822,235 shares. The stock had previously closed at $4.34.

Butterfly Network Stock Performance

The firm’s 50-day moving average is $3.68 and its two-hundred day moving average is $2.47.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Butterfly Network

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Butterfly Network by 1.5% during the fourth 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. LPL Financial LLC grew its stake in shares of Butterfly Network by 8.2% in the 4th quarter. LPL Financial LLC now owns 148,029 shares of the company’s stock valued at $462,000 after buying an additional 11,224 shares during the period. American Century Companies Inc. grew its stake in shares of Butterfly Network by 582.7% in the 4th quarter. American Century Companies Inc. now owns 107,011 shares of the company’s stock valued at $334,000 after buying an additional 91,337 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Butterfly Network by 16.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 154,105 shares of the company’s stock worth $481,000 after buying an additional 22,250 shares during the last quarter. Finally, HBK Sorce Advisory LLC purchased a new stake in shares of Butterfly Network during the 4th quarter valued at approximately $45,000. Hedge funds and other institutional investors 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.