Short Interest in Butterfly Network, Inc. (NYSE:BFLY) Rises By 9.4%

Butterfly Network, Inc. (NYSE:BFLY) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 21,780,000 shares, a growth of 9.4% from the March 15th total of 19,900,000 shares. Currently, 14.9% of the company’s shares are short sold. Based on an average trading volume of 1,790,000 shares, the days-to-cover ratio is presently 12.2 days.

Butterfly Network Trading Down 4.0 %

NYSE BFLY traded down $0.04 on Wednesday, hitting $0.90. The company’s stock had a trading volume of 646,276 shares, compared to its average volume of 1,123,231. Butterfly Network has a 52-week low of $0.76 and a 52-week high of $2.79. The company’s 50-day simple moving average is $1.07 and its 200 day simple moving average is $1.03.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.09). The business had revenue of $16.52 million during the quarter, compared to analysts’ expectations of $15.98 million. Butterfly Network had a negative return on equity of 50.87% and a negative net margin of 202.88%. On average, analysts forecast that Butterfly Network will post -0.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Wexford Capital LP bought a new position in Butterfly Network during the 4th quarter valued at approximately $25,000. B. Riley Wealth Advisors Inc. bought a new position in Butterfly Network during the 4th quarter valued at approximately $26,000. Tower Research Capital LLC TRC increased its position in Butterfly Network by 421.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 21,935 shares of the company’s stock valued at $26,000 after buying an additional 17,728 shares in the last quarter. Private Advisor Group LLC bought a new position in Butterfly Network during the 4th quarter valued at approximately $28,000. Finally, Creative Planning bought a new position in Butterfly Network during the 2nd quarter valued at approximately $33,000. Hedge funds and other 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.