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

Butterfly Network, Inc. (NYSE:BFLY) saw a significant growth in short interest in 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. Approximately 10.1% of the company’s stock are short sold. Based on an average daily volume of 2,770,000 shares, the days-to-cover ratio is currently 5.5 days.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors have recently bought and sold shares of the stock. Barclays PLC grew its stake in Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares during the period. Geode Capital Management LLC grew its stake in Butterfly Network by 4.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after purchasing an additional 65,425 shares during the period. XTX Topco Ltd grew its stake in Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after purchasing an additional 226,781 shares during the period. Kovitz Investment Group Partners LLC bought a new position in Butterfly Network in the 3rd quarter valued at $44,000. Finally, Verition Fund Management LLC bought a new position in Butterfly Network in the 3rd quarter valued at $57,000. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Trading Down 4.2 %

Shares of Butterfly Network stock opened at $3.39 on Monday. The stock has a fifty day simple moving average of $2.54 and a 200 day simple moving average of $1.67. Butterfly Network has a 12-month low of $0.67 and a 12-month high of $3.78. The company has a market capitalization of $722.28 million, a P/E ratio of -7.37 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (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 business had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. During the same quarter in the prior year, the company posted ($0.13) earnings per share. On average, analysts predict that Butterfly Network will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.