Butterfly Network, Inc. (NYSE:BFLY) Short Interest Update

Butterfly Network, Inc. (NYSE:BFLY) was the target of a significant increase in short interest in the month of 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 company are sold short. Based on an average daily volume of 11,472,821 shares, the short-interest ratio is presently 2.6 days. Based on an average daily volume of 11,472,821 shares, the short-interest ratio is presently 2.6 days. Approximately 15.7% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, EVP John N. Doherty sold 60,182 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $3.98, for a total transaction of $239,524.36. Following the completion of the sale, the executive vice president owned 1,234,688 shares in the company, valued at $4,914,058.24. This represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Victor Ku sold 35,968 shares of the 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 directly 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,868,667 shares of company stock valued at $7,111,792. Company insiders own 25.18% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Osbon Capital Management LLC purchased a new position in Butterfly Network in the fourth quarter valued at about $181,000. Redwood Family Wealth LLC purchased a new stake in shares of Butterfly Network during the 4th quarter worth approximately $46,000. Keenan LLC acquired a new stake in shares of Butterfly Network in the 4th quarter worth approximately $339,000. Invesco Ltd. grew its holdings in shares of Butterfly Network by 18.5% in the 4th quarter. Invesco Ltd. now owns 387,881 shares of the company’s stock worth $1,474,000 after acquiring an additional 60,538 shares during the period. Finally, Mercer Global Advisors Inc. ADV purchased a new position in Butterfly Network in the 4th quarter valued at approximately $72,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Stock Performance

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

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $31.51 million for the quarter, compared to analysts’ expectations of $26.25 million. Butterfly Network had a negative net margin of 78.95% and a negative return on equity of 33.13%. Equities analysts predict that Butterfly Network will post -0.35 earnings per share for the current year.

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.