Butterfly Network (NYSE:BFLY) Issues Earnings Results, Beats Estimates By $0.01 EPS

Butterfly Network (NYSE:BFLY) released its quarterly earnings results on Friday. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01, RTT News reports. The company had revenue of $20.56 million for the quarter, compared to analyst estimates of $19.12 million. Butterfly Network had a negative return on equity of 43.77% and a negative net margin of 153.29%. During the same quarter in the previous year, the company posted ($0.13) earnings per share. Butterfly Network updated its FY 2024 guidance to EPS.

Butterfly Network Trading Up 14.0 %

Shares of Butterfly Network stock traded up $0.25 during trading hours on Friday, hitting $2.03. 7,872,590 shares of the company were exchanged, compared to its average volume of 1,881,832. The business has a 50-day moving average of $1.68 and a 200-day moving average of $1.22. Butterfly Network has a 1 year low of $0.67 and a 1 year high of $2.20. The stock has a market capitalization of $431.52 million, a price-to-earnings ratio of -3.98 and a beta of 2.18.

Insider Activity at Butterfly Network

In other news, Director Larry Robbins bought 244,774 shares of Butterfly Network stock in a transaction dated Friday, August 30th. The stock was bought at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the purchase, the director now owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Butterfly Network news, CEO Joseph Devivo acquired 104,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was purchased at an average price of $0.95 per share, for a total transaction of $98,800.00. Following the completion of the transaction, the chief executive officer now owns 7,009,221 shares of the company’s stock, valued at $6,658,759.95. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Larry Robbins bought 244,774 shares of Butterfly Network stock in a transaction on Friday, August 30th. The stock was acquired at an average cost of $1.07 per share, with a total value of $261,908.18. Following the acquisition, the director now owns 9,955,144 shares of the company’s stock, valued at $10,652,004.08. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 27.28% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital assumed coverage on shares of Butterfly Network in a research note on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price objective on the stock.

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.