Butterfly Network (NYSE:BFLY) Announces Earnings Results

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

Butterfly Network Stock Up 14.0 %

NYSE BFLY opened at $2.03 on Monday. The stock has a market cap of $431.53 million, a P/E ratio of -4.41 and a beta of 2.17. The company’s 50-day simple moving average is $1.68 and its 200 day simple moving average is $1.22. Butterfly Network has a twelve month low of $0.67 and a twelve month high of $2.20.

Wall Street Analyst Weigh In

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

Insider Activity at Butterfly Network

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

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.