Butterfly Network, Inc. (NYSE:BFLY) Short Interest Update

Butterfly Network, Inc. (NYSE:BFLY) was the recipient of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 16,430,000 shares, an increase of 7.9% from the November 30th total of 15,230,000 shares. Based on an average daily trading volume, of 2,850,000 shares, the days-to-cover ratio is presently 5.8 days. Approximately 10.9% of the company’s stock are sold short.

Analyst Ratings Changes

Separately, Lake Street Capital initiated coverage on shares of Butterfly Network in a research note on Tuesday, September 10th. They issued a “buy” rating and a $3.00 target price on the stock.

Insider Buying and Selling at Butterfly Network

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

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently bought and sold shares of the stock. Hartline Investment Corp grew its position in Butterfly Network by 87.0% in the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after purchasing an additional 10,000 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in Butterfly Network during the third quarter worth about $44,000. Barclays PLC increased its stake in Butterfly Network by 27,790.0% during the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after acquiring an additional 25,011 shares during the period. Verition Fund Management LLC acquired a new position in Butterfly Network in the 3rd quarter valued at approximately $57,000. Finally, Point72 DIFC Ltd lifted its position in shares of Butterfly Network by 1,271.4% in the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock worth $65,000 after acquiring an additional 71,773 shares during the period. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Stock Performance

Shares of Butterfly Network stock traded down $0.11 during trading on Wednesday, reaching $3.12. The company’s stock had a trading volume of 2,662,961 shares, compared to its average volume of 2,136,041. Butterfly Network has a one year low of $0.67 and a one year high of $3.78. The firm has a market cap of $664.75 million, a price-to-earnings ratio of -6.78 and a beta of 2.46. The business’s fifty day moving average price is $2.89 and its 200-day moving average price is $1.86.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The company had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. During the same period in the previous year, the business posted ($0.13) EPS. Sell-side analysts anticipate that Butterfly Network will post -0.34 EPS for the current year.

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.