Bank of America has raised its price target for Weave Communications (NYSE:WEAV – Free Report) from $7.50 to $14.00, according to a research report sent to investors on Friday, as reported by The Fly.
Several other research analysts have also recently published reports on the stock. Raymond James elevated the rating of Weave Communications shares from a market perform to an outperform and established a $6.00 target price for the stock in a research report on Thursday, May 4th. Loop Capital raised the rating of Weave Communications shares from a hold to a buy and boosted their price target for the firm from $5.00 to $13.00 in a research report on Monday, June 26th.
WEAV commenced at $11.38 on Friday. The company's 50-day simple moving average stands at $7.39, and its 200-day simple moving average is $5.79. The company boasts a market cap of $759.27 million, a price-to-earnings ratio of -16.98, and a beta of 2.03. The firm has a debt-to-equity ratio of 0.20, a quick ratio of 2.05, and a current ratio of 2.05. Weave Communications has a twelve-month low of $3.06 and a twelve-month high of $11.66.
Weave Communications (
) recently announced its quarterly earnings results on Wednesday, May 3rd. The firm reported a loss of ($0.12) per share (EPS) for the quarter, beating the consensus estimate of a loss of ($0.15) by $0.03. The company generated revenue of $39.57 million for the quarter, surpassing the consensus estimate of $37.71 million. Weave Communications recorded a negative net margin of 29.49% and a negative return on equity of 51.25%. Equity research analysts predict that Weave Communications will report an EPS of -0.54 for the current fiscal year.
Purchasing and Selling by Insiders
In related news, Weave Communications' CRO, Matthew C. Hyde, disposed of 5,353 shares of the company's stock in a transaction that took place on Friday, May 5th. The shares were offloaded at an average cost of $5.30, amounting to a total value of $28,370.90. After the transaction, the executive now has direct ownership of 601,873 shares in the firm, with a valuation of $3,189,926.90. The transaction was revealed in a document submitted to the Securities & Exchange Commission, which can be accessed via the SEC website. Insiders of the company own 41.86% of the stock.
Trading of Weave Communications at an Institutional Level
Several hedge funds and other institutional investors have recently adjusted their stakes in the company. Prelude Capital Management LLC purchased a new stake in Weave Communications in the first quarter, valued at $78,000. JPMorgan Chase & Co. increased its holdings in Weave Communications by 36.7% in the first quarter. JPMorgan Chase & Co. now holds 24,192 shares of the company's stock, valued at $120,000, after buying an additional 6,501 shares during the last quarter. Jane Street Group LLC bought a new stake in Weave Communications in the first quarter, worth approximately $207,000. State Street Corp increased its holdings in Weave Communications by 8.8% in the first quarter. State Street Corp now holds 687,011 shares of the company's stock, valued at $3,414,000, after buying an additional 55,580 shares during the last quarter. Lastly, Squarepoint Ops LLC bought a new stake in Weave Communications shares in the first quarter, valued at around $116,000. Currently, 53.73% of the stock is owned by institutional investors and hedge funds.
Regarding Weave Communications
Weave Communications, Inc offers a software platform for customer communications and engagement in the United States and Canada. This platform allows small and medium-sized enterprises to optimize the benefits of their customer interactions while reducing the time and effort dedicated to manual or routine tasks.
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