Butterfly Network, Inc. (NYSE:BFLY) Short Interest Down 10.0% in September

Butterfly Network, Inc. (NYSE:BFLY) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 13,030,000 shares, a decrease of 10.0% from the September 15th total of 14,470,000 shares. Based on an average daily trading volume, of 2,010,000 shares, the short-interest ratio is currently 6.5 days. Currently, 8.7% of the company’s stock are short sold.

Butterfly Network Stock Down 1.7 %

BFLY stock traded down $0.03 during midday trading on Thursday, reaching $1.69. The company’s stock had a trading volume of 1,344,986 shares, compared to its average volume of 1,859,164. The business’s 50-day simple moving average is $1.48 and its 200-day simple moving average is $1.15. Butterfly Network has a 52 week low of $0.67 and a 52 week high of $2.20. The stock has a market cap of $356.10 million, a PE ratio of -2.91 and a beta of 2.18.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The firm had revenue of $21.49 million for the quarter, compared to the consensus estimate of $20.06 million. Butterfly Network had a negative return on equity of 43.77% and a negative net margin of 153.29%. During the same quarter in the previous year, the business earned ($0.14) earnings per share. As a group, equities analysts forecast that Butterfly Network will post -0.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Lake Street Capital started coverage on Butterfly Network in a report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price objective on the stock.

Insider Buying and Selling

In other Butterfly Network news, CEO Joseph Devivo bought 104,000 shares of Butterfly Network stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average cost of $0.95 per share, with a total value of $98,800.00. Following the completion of the acquisition, the chief executive officer now owns 7,009,221 shares of the company’s stock, valued at approximately $6,658,759.95. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Joseph Devivo acquired 104,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $0.95 per share, for a total transaction of $98,800.00. Following the acquisition, the chief executive officer now directly owns 7,009,221 shares in the company, valued at $6,658,759.95. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Larry Robbins bought 244,774 shares of the business’s stock in a transaction on Friday, August 30th. The stock was acquired at an average cost of $1.07 per share, for a total transaction of $261,908.18. Following the completion of the transaction, the director now owns 9,955,144 shares in the company, valued at $10,652,004.08. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 27.28% of the stock is owned by insiders.

Institutional Investors Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 DIFC Ltd raised its position in shares of Butterfly Network by 1,271.4% during the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after buying an additional 71,773 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Butterfly Network during the 2nd quarter worth approximately $90,000. Oppenheimer & Co. Inc. lifted its position in shares of Butterfly Network by 645.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company’s stock worth $94,000 after buying an additional 75,480 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc lifted its holdings in Butterfly Network by 42.9% in the first quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company’s stock valued at $108,000 after acquiring an additional 30,000 shares during the period. Finally, XTX Topco Ltd acquired a new position in Butterfly Network in the 2nd quarter valued at $112,000. Institutional investors own 37.85% of the company’s stock.

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.