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

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

Analysts Set New Price Targets

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

Butterfly Network Stock Down 3.4 %

Butterfly Network stock opened at $3.12 on Thursday. The business has a 50-day simple moving average of $2.89 and a two-hundred day simple moving average of $1.86. Butterfly Network has a 52-week low of $0.67 and a 52-week high of $3.78. The company has a market cap of $664.75 million, a P/E ratio of -6.78 and a beta of 2.46.

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

Insider Buying and Selling at Butterfly Network

In other news, CFO Heather C. Getz sold 30,136 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 $92,216.16. Following the sale, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. The trade was a 1.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steve Cashman sold 164,079 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 1,835,921 shares in the company, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BFLY. Procyon Advisors LLC boosted its holdings in shares of Butterfly Network by 7.3% in the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock worth $145,000 after purchasing an additional 5,600 shares during the period. Hartline Investment Corp lifted its position in Butterfly Network by 87.0% in the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after buying an additional 10,000 shares during the last quarter. Quent Capital LLC boosted its stake in 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 buying an additional 20,000 shares during the period. Kovitz Investment Group Partners LLC bought a new position in Butterfly Network during the third quarter valued at $44,000. Finally, Barclays PLC lifted its holdings in shares of Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after acquiring an additional 25,011 shares during the last quarter. Hedge funds and other institutional investors own 37.85% of the company’s stock.

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.