Butterfly Network (NYSE:BFLY) Hits New 52-Week Low After Insider Selling

Shares of Butterfly Network, Inc. (NYSE:BFLY) hit a new 52-week low during trading on Wednesday following insider selling activity. The stock traded as low as $2.23 and last traded at $2.33, with a volume of 1748618 shares. The stock had previously closed at $2.40.

Specifically, CEO Joseph Devivo sold 320,215 shares of the stock in a transaction on Friday, April 25th. The stock was sold at an average price of $2.44, for a total value of $781,324.60. Following the completion of the transaction, the chief executive officer now directly owns 7,249,789 shares of the company’s stock, valued at approximately $17,689,485.16. This represents a 4.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

Separately, William Blair initiated coverage on shares of Butterfly Network in a research note on Monday, March 17th. They issued an “outperform” rating on the stock.

Butterfly Network Trading Down 0.6 %

The company has a market capitalization of $564.80 million, a PE ratio of -5.05 and a beta of 2.60. The business has a fifty day moving average of $2.59 and a 200 day moving average of $3.05.

Institutional Investors Weigh In On Butterfly Network

Hedge funds have recently added to or reduced their stakes in the business. Total Wealth Planning & Management Inc. purchased a new position in Butterfly Network in the first quarter worth approximately $25,000. Ground Swell Capital LLC purchased a new position in shares of Butterfly Network during the fourth quarter worth about $32,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Butterfly Network during the fourth quarter worth approximately $34,000. Steel Grove Capital Advisors LLC acquired a new stake in shares of Butterfly Network in the 1st quarter worth $34,000. Finally, Verdence Capital Advisors LLC acquired a new position in Butterfly Network during the 4th quarter worth approximately $41,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.