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

Butterfly Network, Inc. (NYSE:BFLY) was the recipient of a large decline in short interest in January. As of January 30th, there was short interest totaling 23,226,604 shares, a decline of 12.9% from the January 15th total of 26,671,691 shares. Currently, 12.3% of the company’s stock are short sold. Based on an average trading volume of 5,200,328 shares, the short-interest ratio is presently 4.5 days. Based on an average trading volume of 5,200,328 shares, the short-interest ratio is presently 4.5 days. Currently, 12.3% of the company’s stock are short sold.

Butterfly Network Trading Down 0.2%

NYSE:BFLY opened at $3.05 on Tuesday. The company has a market capitalization of $769.17 million, a P/E ratio of -9.23 and a beta of 2.27. Butterfly Network has a 12 month low of $1.32 and a 12 month high of $5.03. The firm has a fifty day simple moving average of $3.80 and a 200-day simple moving average of $2.68.

Insider Buying and Selling

In other Butterfly Network news, Director Jonathan M. Rothberg sold 335,834 shares of the stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $4.18, for a total transaction of $1,403,786.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John N. Doherty sold 60,182 shares of Butterfly Network 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 transaction, the executive vice president directly owned 1,234,688 shares in the company, valued at approximately $4,914,058.24. The trade was a 4.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 7,086,173 shares of company stock worth $23,671,094 in the last three months. 25.18% of the stock is owned by insiders.

Institutional Trading of Butterfly Network

Several large investors have recently added to or reduced their stakes in BFLY. Geode Capital Management LLC boosted its stake in shares of Butterfly Network by 114.7% in the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after buying an additional 2,317,882 shares during the last quarter. Perkins Capital Management Inc. raised its position in Butterfly Network by 213.0% during the third quarter. Perkins Capital Management Inc. now owns 924,280 shares of the company’s stock valued at $1,784,000 after acquiring an additional 629,020 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Butterfly Network by 44.7% in the second quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock valued at $4,624,000 after acquiring an additional 714,764 shares during the period. DNB Asset Management AS boosted its position in Butterfly Network by 145.0% in the 2nd quarter. DNB Asset Management AS now owns 281,715 shares of the company’s stock worth $563,000 after purchasing an additional 166,749 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new stake in shares of Butterfly Network during the 2nd quarter worth approximately $72,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Wall Street Analysts Forecast Growth

BFLY has been the subject of several recent analyst reports. Craig Hallum restated a “buy” rating and issued a $5.25 target price on shares of Butterfly Network in a research note on Wednesday, January 21st. Loop Capital set a $5.00 price objective on Butterfly Network in a research report on Wednesday, December 31st. Lake Street Capital boosted their target price on Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Finally, Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $5.25.

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.