Weave Communications (NYSE:WEAV) Shares Down 7.8%

Posted by Defense World Staff on Apr 13th, 2023

Weave Communications, Inc. (NYSE:WEAV – Get Rating) dropped 7.8% during mid-day trading on Wednesday . The stock traded as low as $4.57 and last traded at $4.61. Approximately 115,778 shares traded hands during trading, a decline of 34% from the average daily volume of 174,605 shares. The stock had previously closed at $5.00.

Analysts Set New Price Targets

Separately, Piper Sandler reaffirmed a “neutral” rating and set a $6.00 target price on shares of Weave Communications in a research report on Thursday, February 23rd.

Weave Communications Price Performance

The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.07. The firm has a market cap of $304.31 million, a P/E ratio of -6.07 and a beta of 1.67. The firm has a 50-day simple moving average of $5.03 and a 200-day simple moving average of $4.97.

Institutional Trading of Weave Communications

A number of institutional investors have recently made changes to their positions in the business. Pelion Inc. acquired a new stake in shares of Weave Communications in the 3rd quarter worth $28,004,000. BlackRock Inc. raised its stake in Weave Communications by 557.8% in the 3rd quarter. BlackRock Inc. now owns 1,601,556 shares of the company’s stock worth $8,088,000 after acquiring an additional 1,358,074 shares during the last quarter. Vanguard Group Inc. raised its stake in Weave Communications by 58.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,439,683 shares of the company’s stock worth $7,270,000 after acquiring an additional 530,248 shares during the last quarter. Geode Capital Management LLC raised its stake in Weave Communications by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 507,018 shares of the company’s stock worth $2,322,000 after acquiring an additional 14,370 shares during the last quarter. Finally, Millennium Management LLC raised its stake in Weave Communications by 3,252.8% in the 2nd quarter. Millennium Management LLC now owns 365,552 shares of the company’s stock worth $1,111,000 after acquiring an additional 354,649 shares during the last quarter. Institutional investors and hedge funds own 63.69% of the company’s stock.

About Weave Communications

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Weave Communications, Inc provides a customer communications and engagement software platform in the United States and Canada. Its platform enables small and medium-sized businesses to maximize the value of their customer interactions and minimize the time and effort spent on manual or mundane tasks.