Butterfly Network (NYSE:BFLY) Shares Gap Up After Earnings Beat

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s share price gapped up before the market opened on Friday following a stronger than expected earnings report. 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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The business had revenue of $21.23 million during the quarter, compared to analysts' expectations of $21.16 million.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. William Blair began coverage on shares of Butterfly Network in a report on Monday, March 17th. They set an "outperform" rating on the stock. Lake Street Capital reduced their price objective on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a research note on Monday.

Insider Activity

In related news, CEO Joseph Devivo sold 320,215 shares of the company's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $2.44, for a total value of $781,324.60. Following 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 Securities & Exchange Commission, which is accessible through the SEC website. 27.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Butterfly Network by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company's stock valued at $23,204,000 after acquiring an additional 109,842 shares during the period. ARK Investment Management LLC raised its stake in Butterfly Network by 16.8% during the first quarter. ARK Investment Management LLC now owns 7,023,980 shares of the company's stock worth $16,015,000 after acquiring an additional 1,012,460 shares in the last quarter. First Light Asset Management LLC acquired a new stake in shares of Butterfly Network in the 4th quarter valued at approximately $12,463,000. Geode Capital Management LLC grew its holdings in shares of Butterfly Network by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company's stock valued at $5,470,000 after purchasing an additional 30,828 shares during the last quarter. Finally, Capital World Investors acquired a new stake in Butterfly Network in the fourth quarter valued at approximately $4,239,000. Institutional investors own 37.85% of the company's stock.

Butterfly Network Price Performance

The company has a market capitalization of $525.93 million, a price-to-earnings ratio of -4.71 and a beta of 2.59. The firm's fifty day moving average price is $2.50 and its 200-day moving average price is $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.