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 the month of 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. Based on an average daily volume of 5,200,328 shares, the short-interest ratio is presently 4.5 days. Currently, 12.3% of the company’s shares are short sold. Currently, 12.3% of the company’s shares are short sold. Based on an average daily volume of 5,200,328 shares, the short-interest ratio is presently 4.5 days.

Butterfly Network Trading Down 0.2%

Shares of BFLY stock opened at $3.05 on Tuesday. Butterfly Network has a twelve month low of $1.32 and a twelve month high of $5.03. The stock has a market capitalization of $769.17 million, a price-to-earnings ratio of -9.23 and a beta of 2.27. The stock has a fifty day simple moving average of $3.80 and a two-hundred day simple moving average of $2.68.

Insider Buying and Selling

In related news, Director Jonathan M. Rothberg sold 1,110,579 shares of the stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $3.15, for a total value of $3,498,323.85. Following the sale, the director directly owned 769,814 shares of the company’s stock, valued at $2,424,914.10. This represents a 59.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 7,086,173 shares of company stock worth $23,671,094. Corporate insiders own 25.18% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the third quarter valued at approximately $25,000. Y Intercept Hong Kong Ltd bought a new position in Butterfly Network in the third quarter worth approximately $32,000. BNP Paribas Financial Markets lifted its holdings in Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after buying an additional 14,244 shares during the period. Finally, Wisconsin Wealth Advisors LLC purchased a new stake in Butterfly Network during the fourth quarter worth $38,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BFLY shares. Lake Street Capital increased their price target on Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Loop Capital set a $5.00 price objective on Butterfly Network in a research report on Wednesday, December 31st. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Finally, Craig Hallum reissued a “buy” rating and set a $5.25 target price on shares of Butterfly Network in a research note on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Butterfly Network currently has an average rating of “Hold” and a consensus target price 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.