Butterfly Network, Inc. (NYSE:BFLY) Sees Significant Increase in Short Interest

Butterfly Network, Inc. (NYSE:BFLY) was the target of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 15,230,000 shares, a growth of 19.9% from the November 15th total of 12,700,000 shares. Based on an average trading volume of 2,770,000 shares, the short-interest ratio is currently 5.5 days. Currently, 10.1% of the company’s shares are sold short.

Butterfly Network Stock Performance

Shares of BFLY opened at $3.39 on Monday. Butterfly Network has a 52-week low of $0.67 and a 52-week high of $3.78. The business’s 50 day moving average price is $2.54 and its two-hundred day moving average price is $1.67. The firm has a market cap of $722.28 million, a PE ratio of -7.37 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $20.56 million for the quarter, compared to analyst estimates of $19.12 million. During the same period in the previous year, the firm earned ($0.13) earnings per share. Research analysts predict that Butterfly Network will post -0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently added to or reduced their stakes in the business. Procyon Advisors LLC lifted its stake in Butterfly Network by 7.3% in the third quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock valued at $145,000 after buying an additional 5,600 shares during the period. Hartline Investment Corp raised its position in shares of Butterfly Network by 87.0% during the third 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 period. Quent Capital LLC raised its position in shares of Butterfly Network by 25.6% during the third quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock worth $173,000 after purchasing an additional 20,000 shares during the period. Kovitz Investment Group Partners LLC acquired a new position in shares of Butterfly Network during the third quarter worth approximately $44,000. Finally, Barclays PLC raised its position in shares of Butterfly Network by 27,790.0% during the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after purchasing an additional 25,011 shares during the period. 37.85% of the stock is owned by institutional investors and hedge funds.

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.