Weave Communications, Inc. (NYSE:WEAV – Get Free Report)’s stock price fell 4.3% on Wednesday following insider selling activity. The stock traded as low as $10.73 and last traded at $10.81. 223,330 shares changed hands during trading, a decline of 48% from the average session volume of 429,704 shares. The stock had previously closed at $11.29.
Specifically, major shareholder Bessemer Venture Partners Ix L sold 66,580 shares of the stock in a transaction on Monday, July 17th. The stock was sold at an average price of $11.24, for a total value of $748,359.20. Following the transaction, the insider now owns 7,433,499 shares of the company’s stock, valued at approximately $83,552,528.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CRO Matthew C. Hyde sold 5,353 shares of the stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $5.30, for a total transaction of $28,370.90. Following the completion of the transaction, the executive now directly owns 601,873 shares in the company, valued at approximately $3,189,926.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners Ix L sold 66,580 shares of the stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $11.24, for a total transaction of $748,359.20. Following the transaction, the insider now owns 7,433,499 shares of the company’s stock, valued at $83,552,528.76. The disclosure for this sale can be found here. Insiders have sold a total of 74,433 shares of company stock valued at $790,005 in the last 90 days. 41.86% of the stock is owned by company insiders.
Analyst Ratings Changes
WEAV has been the subject of several research reports. Bank of America raised their price objective on shares of Weave Communications from $7.50 to $14.00 in a research report on Friday, June 30th. Raymond James lifted their price objective on shares of Weave Communications from $6.00 to $13.00 and gave the company an “outperform” rating in a research note on Friday, June 30th. Finally, Loop Capital raised shares of Weave Communications from a “hold” rating to a “buy” rating and lifted their price objective for the company from $5.00 to $13.00 in a research note on Monday, June 26th.
Weave Communications Trading Down 4.3 %
Weave Communications (NYSE:WEAV – Get Free Report) last released its earnings results on Wednesday, May 3rd. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.03. The business had revenue of $39.57 million for the quarter, compared to analyst estimates of $37.71 million. Weave Communications had a negative net margin of 29.49% and a negative return on equity of 51.25%. Research analysts anticipate that Weave Communications, Inc. will post -0.54 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Weave Communications
Several hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company bought a new stake in Weave Communications in the 4th quarter worth about $62,000. Acuitas Investments LLC purchased a new stake in shares of Weave Communications during the 4th quarter valued at approximately $492,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of Weave Communications during the 2nd quarter valued at approximately $152,000. Whetstone Capital Advisors LLC purchased a new stake in shares of Weave Communications during the 1st quarter valued at approximately $565,000. Finally, Scoggin Management LP purchased a new stake in shares of Weave Communications during the 1st quarter valued at approximately $3,898,000. 53.73% of the stock is owned by institutional investors.
Weave Communications Company Profile
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.
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