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

Butterfly Network, Inc. (NYSE:BFLY) was the target of a large 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. Based on an average trading volume of 2,850,000 shares, the short-interest ratio is currently 5.8 days. Currently, 10.9% of the shares of the stock are sold short.

Insider Buying and Selling

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the firm’s stock in a transaction dated 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. This trade represents a 8.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Heather C. Getz sold 30,136 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the transaction, 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 disclosure for this sale can be found here. 27.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently modified their holdings of the company. Hartline Investment Corp raised 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 last quarter. Kovitz Investment Group Partners LLC bought a new position in shares of Butterfly Network during the third quarter valued at approximately $44,000. Barclays PLC raised its holdings 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 valued at $44,000 after acquiring an additional 25,011 shares in the last quarter. Verition Fund Management LLC bought a new stake in Butterfly Network in the third quarter valued at $57,000. Finally, Cannon Global Investment Management LLC purchased a new stake in shares of Butterfly Network in the 3rd quarter worth about $100,000. 37.85% of the stock is owned by institutional investors.

Butterfly Network Stock Down 3.4 %

NYSE BFLY opened at $3.12 on Thursday. The company 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 12-month low of $0.67 and a 12-month high of $3.78. The firm has a market cap of $664.75 million, a price-to-earnings ratio of -6.78 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last posted 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 for the quarter, compared to analyst estimates of $19.12 million. During the same period last year, the company earned ($0.13) EPS. Equities analysts expect that Butterfly Network will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.