Butterfly Network (NASDAQ:BFLY) Posts Earnings Results, Beats Expectations of $0.03 EPS


Butterfly Network (NASDAQ:BFLY – Get Rating) released its quarterly results on Thursday. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.03, MarketWatch Earnings reports. Butterfly Network posted a negative return on equity of 25.48% and a negative net margin of 51.80%. In the same period of the previous year, the company made ($0.46) earnings per share.

NASDAQ: BFLY was down $0.21 during Friday trading hours, hitting $2.99. 2,639,549 shares of the company were traded, against an average volume of 2,015,838. Butterfly Network has a 52-week low of $2.97 and a 52-week high of $15.65. The company’s 50-day moving average price is $4.29 and its 200-day moving average price is $6.21.

Separately, Zacks Investment Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report released Tuesday.

In other Butterfly Network news, insider Darius Shahida sold 16,430 shares of the company in a trade that took place on Thursday, March 17. The shares were sold at an average price of $5.39, for a total transaction of $88,557.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Additionally, director Larry Robbins acquired 500,000 shares of the company in a transaction dated Tuesday, March 15. The shares were acquired at an average cost of $4.50 per share, for a total transaction of $2,250,000.00. Disclosure of this purchase can be found here. In the past three months, insiders have sold 52,498 shares of the company worth $301,332. 42.11% of the shares are held by insiders.

Several hedge funds have recently increased or reduced their stakes in the company. LPL Financial LLC increased its equity stake in Butterfly Network by 7.3% in Q4. LPL Financial LLC now owns 63,767 shares of the company valued at $427,000 after acquiring an additional 4,311 shares in the last quarter. NEXT Financial Group Inc increased its holdings of Butterfly Network shares by 1,057.1% in Q4. NEXT Financial Group Inc now owns 10,946 shares of the company valued at $73,000 after acquiring an additional 10,000 shares in the last quarter. Citigroup Inc. increased its holdings of Butterfly Network shares by 64.3% in the fourth quarter. Citigroup Inc. now owns 36,848 shares of the company valued at $247,000 after acquiring 14,421 additional shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Butterfly Network during the third quarter at a value of $176,000. Finally, Invesco Ltd. acquired a new stake in Butterfly Network during the second quarter at a value of $257,000. 61.04% of the shares are currently held by institutional investors and hedge funds.

Butterfly Network Company Profile (Get a rating)

Butterfly Network, Inc, a digital health company, develops, manufactures and markets ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a portable, single-probe whole-body ultrasound system; Butterfly iQ+, a point-of-care ultrasound imaging device that connects to a smartphone, tablet and hospital computer system; and Butterfly Blueprint, a system-wide ultrasound platform with Compass software that integrates with the clinical and administrative infrastructure of a healthcare system.

See also

Earnings history for Butterfly Network (NASDAQ:BFLY)



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