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

Butterfly Network, Inc. (NYSE:BFLY)’s stock price gapped up prior to trading 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 traded.

The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other news, CEO Joseph Devivo sold 320,215 shares of the stock in a transaction on Friday, April 25th. The shares were 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 represents a 4.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 27.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. White Pine Capital LLC acquired a new position in shares of Butterfly Network in the 4th quarter worth approximately $398,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Butterfly Network in the 4th quarter valued at $287,000. Palumbo Wealth Management LLC boosted its stake in shares of Butterfly Network by 528.1% in the 4th quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company’s stock valued at $229,000 after purchasing an additional 61,688 shares in the last quarter. Calamos Advisors LLC acquired a new stake in shares of Butterfly Network during the 4th quarter worth about $525,000. Finally, Geode Capital Management LLC lifted its holdings in Butterfly Network by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after purchasing an additional 65,425 shares during the last quarter. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Stock Down 0.9 %

The stock has a market capitalization of $563.58 million, a price-to-earnings ratio of -5.04 and a beta of 2.60. The stock’s 50-day simple moving average is $2.56 and its 200 day simple moving average is $3.06.

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.