Butterfly Network, Inc. (NYSE:BFLY) Short Interest Up 7.9% in December

Butterfly Network, Inc. (NYSE:BFLY) was the target of a large increase in short interest during 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 trading volume of 2,850,000 shares, the days-to-cover ratio is presently 5.8 days. Currently, 10.9% of the shares of the stock are short sold.

Butterfly Network Stock Performance

NYSE BFLY opened at $3.12 on Thursday. The business’s 50 day moving average price is $2.89 and its 200-day moving average price is $1.86. 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 has a fifty-two week low of $0.67 and a fifty-two week high of $3.78.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. The company had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same quarter in the prior year, the company posted ($0.13) EPS. As a group, equities analysts predict that Butterfly Network will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of Butterfly Network 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 $502,081.74. Following the sale, the insider now owns 1,835,921 shares of the company’s stock, valued at $5,617,918.26. The trade was a 8.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Heather C. Getz sold 30,136 shares of Butterfly Network 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 completion of the sale, the chief financial officer now directly owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. The trade was a 1.12 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently made changes to their positions in BFLY. Marshall Wace LLP lifted its holdings in shares of Butterfly Network by 353.7% in the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after buying an additional 248,201 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Butterfly Network by 1,045.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock worth $216,000 after buying an additional 234,530 shares during the period. XTX Topco Ltd lifted its holdings in shares of Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after buying an additional 226,781 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Butterfly Network by 46.5% in the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after buying an additional 108,944 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Butterfly Network during the 2nd quarter worth $90,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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