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

Butterfly Network, Inc. (NYSE:BFLY) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 21,780,000 shares, an increase of 9.4% from the March 15th total of 19,900,000 shares. Based on an average daily trading volume, of 1,790,000 shares, the short-interest ratio is currently 12.2 days. Currently, 14.9% of the shares of the stock are sold short.

Butterfly Network Stock Performance

Shares of NYSE BFLY traded down $0.04 during mid-day trading on Wednesday, hitting $0.90. 646,276 shares of the stock were exchanged, compared to its average volume of 1,123,231. The stock’s fifty day simple moving average is $1.07 and its two-hundred day simple moving average is $1.03. Butterfly Network has a twelve month low of $0.76 and a twelve month high of $2.79.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.09). Butterfly Network had a negative return on equity of 50.87% and a negative net margin of 202.88%. The firm had revenue of $16.52 million for the quarter, compared to analyst estimates of $15.98 million. On average, equities analysts forecast that Butterfly Network will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. ARK Investment Management LLC grew its holdings in Butterfly Network by 7.7% during the 4th quarter. ARK Investment Management LLC now owns 13,688,534 shares of the company’s stock worth $14,784,000 after acquiring an additional 973,260 shares during the period. Vanguard Group Inc. grew its holdings in Butterfly Network by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 13,216,250 shares of the company’s stock worth $62,909,000 after acquiring an additional 36,657 shares during the period. BlackRock Inc. grew its holdings in Butterfly Network by 6.6% during the 2nd quarter. BlackRock Inc. now owns 10,987,538 shares of the company’s stock worth $25,271,000 after acquiring an additional 682,310 shares during the period. State Street Corp grew its holdings in Butterfly Network by 10.7% during the 2nd quarter. State Street Corp now owns 6,207,636 shares of the company’s stock worth $14,278,000 after acquiring an additional 602,437 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Butterfly Network by 10.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,864,618 shares of the company’s stock worth $6,589,000 after acquiring an additional 267,730 shares during the period. Institutional investors own 37.85% of the company’s 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.