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

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) was the target of a significant growth in short interest during 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 stock are sold short. Based on an average trading volume of 1,790,000 shares, the days-to-cover ratio is presently 12.2 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pathstone Family Office LLC boosted its position in shares of Butterfly Network by 162.9% in the 3rd quarter. Pathstone Family Office LLC now owns 52,833 shares of the company's stock worth $62,000 after purchasing an additional 32,733 shares during the last quarter. ARK Investment Management LLC boosted its stake in shares of Butterfly Network by 7.7% during the 4th quarter. ARK Investment Management LLC now owns 13,688,534 shares of the company's stock worth $14,784,000 after buying an additional 973,260 shares during the last quarter. Quent Capital LLC grew its stake in Butterfly Network by 37.7% in the fourth quarter. Quent Capital LLC now owns 73,000 shares of the company's stock valued at $79,000 after purchasing an additional 20,000 shares in the last quarter. Capital Investment Advisors LLC increased its holdings in Butterfly Network by 24.1% during the fourth quarter. Capital Investment Advisors LLC now owns 51,515 shares of the company's stock worth $56,000 after buying an additional 10,000 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its holdings in shares of Butterfly Network by 731.9% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 329,529 shares of the company's stock valued at $389,000 after purchasing an additional 289,916 shares during the period. Institutional investors and hedge funds own 37.85% of the company's stock.

Butterfly Network Stock Up 5.4 %

BFLY stock traded up $0.05 during midday trading on Monday, hitting $0.94. 1,428,963 shares of the company traded hands, compared to its average volume of 1,742,741. The business has a 50 day simple moving average of $1.07 and a 200-day simple moving average of $1.03. Butterfly Network has a twelve month low of $0.76 and a twelve month high of $2.79. The stock has a market capitalization of $195.06 million, a price-to-earnings ratio of -1.35 and a beta of 2.04.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its earnings results on Wednesday, February 28th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.09). Butterfly Network had a negative return on equity of 50.87% and a negative net margin of 202.88%. The firm had revenue of $16.52 million for the quarter, compared to analyst estimates of $15.98 million. Equities research analysts forecast that Butterfly Network will post -0.45 EPS for the current year.

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.