Butterfly Network, Inc. (NYSE:BFLY – Get Rating)'s share price dropped 9.8% during trading on Thursday . The stock traded as low as $5.58 and last traded at $5.62. Approximately 41,803 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 2,685,776 shares. The stock had previously closed at $6.23.

Wall Street Analysts Forecast Growth

BFLY has been the topic of several recent research reports. Cowen decreased their price objective on shares of Butterfly Network from $12.00 to $7.00 in a research report on Wednesday, May 11th. Cowen reduced their target price on shares of Butterfly Network from $12.00 to $7.00 in a report on Wednesday, May 11th.

Butterfly Network Stock Performance

The company has a market capitalization of $1.16 billion, a PE ratio of -10.76 and a beta of 2.41. The stock's fifty day simple moving average is $5.60 and its 200-day simple moving average is $4.10.

Insider Activity

In other news, insider Darius Shahida sold 16,069 shares of the company's stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $3.18, for a total transaction of $51,099.42. Following the completion of the transaction, the insider now owns 676,932 shares of the company's stock, valued at approximately $2,152,643.76. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Institutional Trading of Butterfly Network

A number of institutional investors and hedge funds have recently bought and sold shares of BFLY. Advisor Group Holdings Inc. increased its position in Butterfly Network by 19.9% during the 4th quarter. Advisor Group Holdings Inc. now owns 36,928 shares of the company's stock worth $248,000 after purchasing an additional 6,133 shares in the last quarter. ProShare Advisors LLC grew its position in Butterfly Network by 16.6% in the fourth quarter. ProShare Advisors LLC now owns 27,278 shares of the company's stock valued at $182,000 after acquiring an additional 3,874 shares in the last quarter. Handelsbanken Fonder AB acquired a new stake in Butterfly Network in the fourth quarter valued at approximately $265,000. State Board of Administration of Florida Retirement System acquired a new stake in Butterfly Network in the fourth quarter valued at approximately $188,000. Finally, Swiss National Bank grew its position in Butterfly Network by 9.9% in the fourth quarter. Swiss National Bank now owns 239,600 shares of the company's stock valued at $1,603,000 after acquiring an additional 21,600 shares in the last quarter. Institutional investors and hedge funds own 49.29% of the company's stock.

Butterfly Network Company Profile

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Butterfly Network, Inc, a digital health company, 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+, a point-of-care ultrasound imaging device that connects with a smartphone, tablet, and hospital computer system; and Butterfly Blueprint, a system-wide ultrasound platform with Compass software that integrates into a healthcare system's clinical and administrative infrastructure.

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