Bank of America Corp DE Has $1.53 Million Position in Weave Communications, Inc. $WEAV

Key Points

• Bank of America increased its Weave Communications stake by 134.8% in the first quarter, holding 330,418 shares valued at approximately $1.53 million. Institutional investors collectively own 86.83% of WEAV.
• Analyst sentiment has weakened, with several firms downgrading the stock to “Hold.” Weave has a consensus “Hold” rating and an average price target of $7.84.
• WEAV opened at $7.31, near its 12-month high of $8.00, while the company reported quarterly revenue of $67.54 million and earnings of $0.04 per share, matching analyst expectations.

Bank of America Corp DE raised its holdings in Weave Communications, Inc. (NYSE:WEAV - Free Report) by 134.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 330,418 shares of the company's stock after buying an additional 189,683 shares during the quarter. Bank of America Corp DE owned 0.42% of Weave Communications worth $1,527,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Hilton Head Capital Partners LLC bought a new stake in Weave Communications in the fourth quarter valued at about $26,000. Amundi boosted its holdings in Weave Communications by 27.1% during the first quarter. Amundi now owns 5,301 shares of the company's stock valued at $59,000 after purchasing an additional 1,130 shares in the last quarter. CWM LLC grew its stake in shares of Weave Communications by 1,125.6% in the 4th quarter. CWM LLC now owns 9,033 shares of the company's stock valued at $69,000 after purchasing an additional 8,296 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Weave Communications by 119.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,683 shares of the company's stock valued at $72,000 after purchasing an additional 4,731 shares during the period. Finally, RPO LLC acquired a new position in shares of Weave Communications in the 4th quarter worth approximately $81,000. Institutional investors and hedge funds own 86.83% of the company's stock.

Wall Street Analysts Forecast Growth

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

Weave Communications Price Performance

Shares of NYSE WEAV opened at $7.31 on Friday. Weave Communications, Inc. has a 12-month low of $4.24 and a 12-month high of $8.00. The firm's 50-day simple moving average is $6.66 and its 200 day simple moving average is $5.76. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.09. The company has a market cap of $584.80 million, a price-to-earnings ratio of -29.24 and a beta of 1.69.

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

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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