Butterfly Network (NASDAQ:BFLY) Announces Earnings Results

Butterfly Network (NASDAQ:BFLYGet Rating) issued its earnings results on Wednesday. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.09, Fidelity Earnings reports. Butterfly Network had a negative net margin of 159.44% and a negative return on equity of 24.94%. During the same period in the previous year, the company earned ($0.19) EPS. Butterfly Network updated its FY 2022 guidance to EPS.

Butterfly Network Trading Up 11.1 %

NASDAQ:BFLY traded up $0.66 during mid-day trading on Friday, hitting $6.58. 5,030,417 shares of the company’s stock were exchanged, compared to its average volume of 2,535,990. The firm has a market capitalization of $1.30 billion, a P/E ratio of -11.96 and a beta of 2.41. Butterfly Network has a fifty-two week low of $2.31 and a fifty-two week high of $13.56. The company has a 50 day simple moving average of $3.66 and a 200-day simple moving average of $4.24.

Insider Transactions at Butterfly Network

In other news, insider Darius Shahida sold 16,069 shares of the company’s stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $3.18, for a total value of $51,099.42. Following the completion of the sale, the insider now owns 676,932 shares in the company, valued at approximately $2,152,643.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 42.11% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BFLY. Bank of America Corp DE boosted its stake in shares of Butterfly Network by 32.8% during the first quarter. Bank of America Corp DE now owns 156,046 shares of the company’s stock valued at $743,000 after purchasing an additional 38,528 shares during the period. Chicago Partners Investment Group LLC lifted its stake in Butterfly Network by 28.5% in the first quarter. Chicago Partners Investment Group LLC now owns 18,912 shares of the company’s stock worth $57,000 after acquiring an additional 4,200 shares during the period. Virtu Financial LLC lifted its position in Butterfly Network by 71.5% during the first quarter. Virtu Financial LLC now owns 32,144 shares of the company’s stock valued at $153,000 after buying an additional 13,396 shares during the period. Quantbot Technologies LP purchased a new position in Butterfly Network during the first quarter valued at $163,000. Finally, State Street Corp lifted its position in Butterfly Network by 15.2% during the first quarter. State Street Corp now owns 4,489,835 shares of the company’s stock valued at $21,372,000 after buying an additional 593,387 shares during the period. 61.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Cowen reduced their price objective on shares of Butterfly Network from $12.00 to $7.00 in a research note on Wednesday, May 11th.

About Butterfly Network

(Get Rating)

Butterfly Network, Inc, a digital health company, 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+, a point-of-care ultrasound imaging device that connects with a smartphone, tablet, and hospital computer system; and Butterfly Blueprint, a system-wide ultrasound platform with Compass software that integrates into a healthcare system's clinical and administrative infrastructure.

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Earnings History for Butterfly Network (NASDAQ:BFLY)

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