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

Butterfly Network, Inc. (NYSE:BFLY)’s share price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $3.10, but opened at $4.01. Butterfly Network shares last traded at $4.7310, with a volume of 23,249,066 shares changing hands.

The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $31.51 million for the quarter, compared to analyst estimates of $26.25 million. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.80%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BFLY shares. Lake Street Capital increased their target price on Butterfly Network from $4.00 to $5.50 and gave the company a “buy” rating in a report on Tuesday, January 20th. Loop Capital set a $5.00 price target on Butterfly Network in a research report on Wednesday, December 31st. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Finally, Craig Hallum reaffirmed a “buy” rating and set a $5.25 target price on shares of Butterfly Network in a research note on Wednesday, January 21st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Butterfly Network has a consensus rating of “Hold” and an average target price of $5.25.

Insiders Place Their Bets

In other news, Director Jonathan M. Rothberg sold 769,327 shares of Butterfly Network stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $3.27, for a total transaction of $2,515,699.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 4,858,297 shares of company stock valued at $16,581,164. Corporate insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC bought a new stake in Butterfly Network in the second quarter worth approximately $25,000. Ameriprise Financial Inc. bought a new position in shares of Butterfly Network during the 3rd quarter valued at $25,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Butterfly Network in the 3rd quarter valued at $32,000. BNP Paribas Financial Markets boosted its holdings in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after purchasing an additional 14,244 shares in the last quarter. Finally, Wisconsin Wealth Advisors LLC acquired a new position in Butterfly Network during the fourth quarter worth $38,000. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Price Performance

The company has a fifty day simple moving average of $3.79 and a two-hundred day simple moving average of $2.75. The company has a market capitalization of $1.18 billion, a P/E ratio of -14.24 and a beta of 2.27.

Butterfly Network Company Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.