Short Interest in Butterfly Network, Inc. (NYSE:BFLY) Rises By 19.9%

Butterfly Network, Inc. (NYSE:BFLY) was the target of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 15,230,000 shares, an increase of 19.9% from the November 15th total of 12,700,000 shares. Approximately 10.1% of the company’s stock are sold short. Based on an average daily trading volume, of 2,770,000 shares, the short-interest ratio is presently 5.5 days.

Wall Street Analysts Forecast Growth

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

Butterfly Network Price Performance

Butterfly Network stock opened at $3.39 on Monday. Butterfly Network has a one year low of $0.67 and a one year high of $3.78. The company’s fifty day moving average price is $2.54 and its two-hundred day moving average price is $1.67. The company has a market capitalization of $722.28 million, a price-to-earnings ratio of -7.37 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the firm posted ($0.13) EPS. As a group, sell-side analysts anticipate that Butterfly Network will post -0.34 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BFLY. Marshall Wace LLP grew its position in shares of Butterfly Network by 353.7% in the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after purchasing an additional 248,201 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its holdings in Butterfly Network by 1,045.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock valued at $216,000 after buying an additional 234,530 shares during the last quarter. XTX Topco Ltd increased its position in Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after buying an additional 226,781 shares during the period. Vanguard Group Inc. increased its position in Butterfly Network by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock worth $8,516,000 after buying an additional 218,720 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of 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 buying an additional 108,944 shares during the last quarter. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

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.