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

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

Insider Buying and Selling at Butterfly Network

In related news, Director Jonathan M. Rothberg sold 1,110,579 shares of Butterfly Network stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $3.15, for a total value of $3,498,323.85. Following the sale, the director owned 769,814 shares of the company’s stock, valued at approximately $2,424,914.10. The trade was a 59.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 7,086,173 shares of company stock valued at $23,671,094. 25.18% of the stock is owned by company insiders.

Institutional Trading of Butterfly Network

A number of institutional investors have recently bought and sold shares of BFLY. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Butterfly Network in the second quarter valued at approximately $25,000. Ameriprise Financial Inc. bought a new position in Butterfly Network during the 3rd quarter worth $25,000. Y Intercept Hong Kong Ltd acquired a new position in Butterfly Network in the 3rd quarter valued at $32,000. BNP Paribas Financial Markets lifted its position in shares of Butterfly Network by 707.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after acquiring an additional 14,244 shares during the period. Finally, Wisconsin Wealth Advisors LLC bought a new stake in shares of Butterfly Network during the 4th quarter valued at $38,000. Institutional investors own 37.85% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on BFLY. Craig Hallum restated a “buy” rating and set a $5.25 price objective 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 note on Wednesday, December 31st. Lake Street Capital raised their price objective on Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a report 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $5.25.

Butterfly Network Trading Up 0.3%

Shares of NYSE BFLY opened at $3.05 on Wednesday. The firm has a market cap of $770.43 million, a P/E ratio of -9.24 and a beta of 2.27. The business’s 50 day moving average is $3.80 and its 200-day moving average is $2.69. Butterfly Network has a 1-year low of $1.32 and a 1-year high of $5.03.

About Butterfly Network

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.