Short Interest in Butterfly Network, Inc. (NYSE:BFLY) Increases By 18.8%

Butterfly Network, Inc. (NYSE:BFLY) saw a significant increase in short interest in February. As of February 27th, there was short interest totaling 29,599,602 shares, an increase of 18.8% from the February 12th total of 24,910,482 shares. Approximately 15.7% of the shares of the stock are short sold. Based on an average daily volume of 11,472,821 shares, the days-to-cover ratio is presently 2.6 days. Based on an average daily volume of 11,472,821 shares, the days-to-cover ratio is presently 2.6 days. Approximately 15.7% of the shares of the stock are short sold.

Insiders Place Their Bets

In other Butterfly Network news, CTO Victor Ku sold 35,968 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $3.82, for a total value of $137,397.76. Following the sale, the chief technology officer owned 811,962 shares of the company’s stock, valued at approximately $3,101,694.84. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John N. Doherty sold 60,182 shares of the firm’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $3.98, for a total value of $239,524.36. Following the completion of the transaction, the executive vice president owned 1,234,688 shares of the company’s stock, valued at approximately $4,914,058.24. This represents a 4.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,868,667 shares of company stock worth $7,111,792. 25.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Butterfly Network by 4.3% during the third quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after acquiring an additional 453,258 shares during the last quarter. ARK Investment Management LLC raised its holdings in Butterfly Network by 1.6% in the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock valued at $23,729,000 after acquiring an additional 99,079 shares during the last quarter. Hood River Capital Management LLC lifted its stake in shares of Butterfly Network by 3.6% during the 2nd quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock worth $10,255,000 after purchasing an additional 176,515 shares during the period. Geode Capital Management LLC lifted its stake in shares of Butterfly Network by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after purchasing an additional 75,243 shares during the period. Finally, AWM Investment Company Inc. boosted its holdings in shares of Butterfly Network by 750.0% during the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after purchasing an additional 3,000,000 shares during the last quarter. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Performance

Butterfly Network stock traded up $0.10 during midday trading on Monday, reaching $3.90. 3,415,266 shares of the company were exchanged, compared to its average volume of 7,626,455. The firm’s 50-day simple moving average is $3.80 and its 200-day simple moving average is $2.98. Butterfly Network has a 1 year low of $1.32 and a 1 year high of $5.03. The company has a market capitalization of $983.88 million, a price-to-earnings ratio of -12.56 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 33.13%. The company had revenue of $31.51 million for the quarter, compared to analyst estimates of $26.25 million. On average, analysts forecast that Butterfly Network will post -0.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BFLY has been the subject of several recent research reports. TD Cowen raised their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Loop Capital set a $5.50 price target on shares of Butterfly Network in a report on Monday, March 2nd. Lake Street Capital increased their price target on shares of Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Craig Hallum reissued a “buy” rating and set a $5.25 price objective on shares of Butterfly Network in a research note on Wednesday, January 21st. Finally, Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $5.56.

Butterfly Network Company Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.