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

Butterfly Network, Inc. (NYSE:BFLY) was the recipient of a large growth in short interest during 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 daily volume of 2,850,000 shares, the days-to-cover ratio is currently 5.8 days. Approximately 10.9% of the company’s stock are short sold.

Insider Buying and Selling

In related news, CFO Heather C. Getz sold 30,136 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction 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. This represents a 1.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction dated 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 in the company, valued at $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC grew its holdings in Butterfly Network by 46.5% during the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after acquiring an additional 108,944 shares during the period. XTX Topco Ltd acquired a new stake in Butterfly Network during the second quarter worth about $112,000. Marshall Wace LLP grew its holdings in Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after acquiring an additional 248,201 shares during the period. Point72 DIFC Ltd grew its holdings in Butterfly Network by 1,271.4% during the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock worth $65,000 after acquiring an additional 71,773 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in Butterfly Network during the second quarter worth about $90,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital initiated 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 Stock Performance

Shares of BFLY stock opened at $3.12 on Thursday. The stock’s 50-day simple moving average is $2.89 and its 200-day simple moving average is $1.86. The firm has a market capitalization of $664.75 million, a PE 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) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $20.56 million for the quarter, compared to analyst estimates 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 period in the prior year, the company earned ($0.13) earnings per share. Sell-side analysts forecast that Butterfly Network will post -0.34 earnings per share for the current 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.