5,309,999 Shares in Weave Communications, Inc. $WEAV Bought by BlackRock Inc.

Key Points

• BlackRock acquired 5.31 million shares of Weave Communications during the second quarter, worth approximately $31.8 million and representing a 6.67% stake. Institutional investors collectively own 86.83% of the company.
• Weave reported quarterly EPS of $0.04, matching analyst expectations, while revenue of $67.54 million fell slightly short of the $67.88 million consensus estimate. Analysts expect a full-year loss of approximately $0.22 per share.
• Analyst sentiment has weakened, with several firms downgrading the stock to “Hold” and lowering price targets to $7.40. The stock has a consensus “Hold” rating and a consensus price target of $7.84.

BlackRock Inc. purchased a new stake in Weave Communications, Inc. (NYSE:WEAV - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,309,999 shares of the company's stock, valued at approximately $31,807,000. BlackRock Inc. owned 6.67% of Weave Communications at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Engine Capital Management LP bought a new position in Weave Communications during the first quarter worth about $4,858,000. Y Intercept Hong Kong Ltd bought a new stake in Weave Communications in the first quarter valued at about $1,709,000. Pale Fire Capital SE bought a new stake in Weave Communications in the first quarter valued at about $6,897,000. Arrowstreet Capital Limited Partnership lifted its stake in Weave Communications by 897.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 364,240 shares of the company's stock valued at $1,683,000 after buying an additional 327,721 shares during the period. Finally, Quantinno Capital Management LP grew its position in shares of Weave Communications by 490.3% during the 1st quarter. Quantinno Capital Management LP now owns 120,464 shares of the company's stock worth $557,000 after buying an additional 100,058 shares during the period. 86.83% of the stock is owned by institutional investors.

Weave Communications Stock Down 0.1%

Shares of WEAV opened at $7.30 on Wednesday. The firm has a market cap of $584 million, a P/E ratio of -29.20 and a beta of 1.68. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.25 and a current ratio of 1.25. Weave Communications, Inc. has a 52 week low of $4.24 and a 52 week high of $8.00. The firm's 50-day simple moving average is $6.58 and its 200 day simple moving average is $5.73.

Weave Communications (NYSE:WEAV - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. The firm had revenue of $67.54 million during the quarter, compared to the consensus estimate of $67.88 million. Weave Communications had a negative net margin of 7.97% and a negative return on equity of 21.14%. On average, analysts forecast that Weave Communications, Inc. will post -0.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on WEAV shares. Piper Sandler downgraded shares of Weave Communications from an "overweight" rating to a "hold" rating and cut their price target for the company from $8.00 to $7.40 in a research report on Tuesday, August 18th. B. Riley Financial downgraded shares of Weave Communications from a "buy" rating to a "hold" rating and lowered their target price for the company from $8.25 to $7.40 in a research note on Wednesday, August 19th. Loop Capital lowered shares of Weave Communications from a "buy" rating to a "hold" rating and set a $7.40 target price on the stock. in a report on Wednesday, August 19th. Weiss Ratings reissued a "sell (e+)" rating on shares of Weave Communications in a research report on Wednesday, July 8th. Finally, Raymond James Financial lowered shares of Weave Communications from an "outperform" rating to a "market perform" rating in a report on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $7.84.

About Weave Communications

Weave Communications is a technology company that provides integrated communications and customer management solutions tailored for small- to medium-sized local businesses. Headquartered in Lehi, Utah, the company developed a cloud-based platform that unifies voice calling, business texting, appointment reminders and payment processing within a single interface.

The platform's core offerings include a unified business phone system, two-way texting, automated appointment and recall reminders, secure payment acceptance and a basic customer relationship management module.

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