Butterfly Network (NYSE:BFLY) Announces Earnings Results

Butterfly Network (NYSE:BFLY - Get Free Report) posted its quarterly earnings results on Friday. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $20.56 million for the quarter, compared to analysts' expectations of $19.12 million. During the same period in the prior year, the company posted ($0.13) EPS. Butterfly Network updated its FY 2024 guidance to EPS.

Butterfly Network Price Performance

Shares of Butterfly Network stock traded up $0.25 on Friday, hitting $2.03. The company's stock had a trading volume of 7,872,590 shares, compared to its average volume of 1,603,328. Butterfly Network has a 52-week low of $0.67 and a 52-week high of $2.20. The firm has a fifty day moving average price of $1.68 and a 200-day moving average price of $1.22.

Analyst Ratings Changes

Separately, Lake Street Capital initiated coverage on Butterfly Network in a report on Tuesday, September 10th. They issued a "buy" rating and a $3.00 price target on the stock.

Insider Buying and Selling at Butterfly Network

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