Short Interest in Butterfly Network, Inc. (NYSE:BFLY) Rises By 7.9%

Butterfly Network, Inc. (NYSE:BFLY) saw a large increase in short interest in 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 currently 5.8 days. Currently, 10.9% of the shares of the stock are sold short.

Insider Activity

In other news, CFO Heather C. Getz sold 30,136 shares of the company’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 in the company, valued at approximately $8,168,158.98. This represents a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 transaction, the insider now directly 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BFLY. Hartline Investment Corp lifted its position in Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after purchasing an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in shares of Butterfly Network during the third quarter worth approximately $44,000. Barclays PLC raised its stake 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 buying an additional 25,011 shares during the last quarter. Verition Fund Management LLC acquired a new position in Butterfly Network in the third quarter valued at approximately $57,000. Finally, Cannon Global Investment Management LLC acquired a new stake in shares of Butterfly Network during the third quarter worth $100,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Analyst Upgrades and Downgrades

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

Butterfly Network Trading Down 3.4 %

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. The stock has a 50-day moving average price of $2.89 and a two-hundred day moving average price of $1.86. The stock has a market capitalization of $664.75 million, a P/E ratio of -6.78 and a beta of 2.46. Butterfly Network has a one year low of $0.67 and a one year high of $3.78.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. During the same period in the previous year, the firm posted ($0.13) earnings per share. As a group, sell-side analysts anticipate that Butterfly Network will post -0.34 EPS for the current fiscal year.

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.