Butterfly Network (NYSE:BFLY) Shares Gap Up After Better-Than-Expected Earnings

Butterfly Network, Inc. (NYSE:BFLY) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $2.34, but opened at $2.55. Butterfly Network shares last traded at $2.27, with a volume of 1,228,920 shares changing hands.

The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. The company had revenue of $21.23 million during the quarter, compared to analysts’ expectations of $21.16 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%.

Analysts Set New Price Targets

Separately, William Blair started coverage on Butterfly Network in a research report on Monday, March 17th. They issued an “outperform” rating on the stock.

Insider Transactions at Butterfly Network

In other news, CEO Joseph Devivo sold 320,215 shares of Butterfly Network stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $2.44, for a total value of $781,324.60. Following the completion of the transaction, the chief executive officer now owns 7,249,789 shares in the company, valued at approximately $17,689,485.16. This trade represents a 4.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 27.28% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Hedge funds have recently added to or reduced their stakes in the business. Barclays PLC boosted its holdings in shares of Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after buying an additional 25,011 shares during the period. Geode Capital Management LLC boosted its stake in Butterfly Network by 4.0% in the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after acquiring an additional 65,425 shares during the period. Green Alpha Advisors LLC grew its holdings in shares of Butterfly Network by 15.7% during the fourth quarter. Green Alpha Advisors LLC now owns 185,996 shares of the company’s stock valued at $580,000 after purchasing an additional 25,212 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Butterfly Network during the 4th quarter worth approximately $46,000. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Butterfly Network in the 4th quarter worth approximately $70,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Trading Down 0.9 %

The firm has a market cap of $563.58 million, a price-to-earnings ratio of -5.04 and a beta of 2.60. The stock has a 50-day moving average of $2.56 and a 200-day moving average of $3.07.

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.