Bank of America Corp DE Makes New $3 Million Investment in Weave Communications, Inc. $WEAV

Key Points

• Bank of America acquired 500,694 Weave Communications shares worth approximately $3 million in the second quarter, giving it a 0.63% stake. Institutional investors collectively own 86.83% of WEAV.
• Analyst sentiment has weakened, with Piper Sandler, Raymond James, and B. Riley downgrading the stock to “Hold” or “Market Perform.” The consensus rating is Hold, with a target price of $7.84.
• WEAV shares opened at $7.37, near their 52-week high of $7.70. The company recently reported quarterly EPS of $0.04, in line with estimates, while revenue of $67.54 million was slightly below expectations.

Bank of America Corp DE purchased a new position in Weave Communications, Inc. (NYSE:WEAV - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 500,694 shares of the company's stock, valued at approximately $2,999,000. Bank of America Corp DE owned approximately 0.63% of Weave Communications as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. ProShare Advisors LLC grew its position in shares of Weave Communications by 17.7% during the fourth quarter. ProShare Advisors LLC now owns 18,614 shares of the company's stock worth $141,000 after purchasing an additional 2,802 shares in the last quarter. Hilton Head Capital Partners LLC bought a new stake in Weave Communications during the 4th quarter valued at approximately $26,000. PNC Financial Services Group Inc. lifted its holdings in Weave Communications by 24.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 20,423 shares of the company's stock worth $155,000 after purchasing an additional 4,064 shares in the last quarter. Legal & General Group Plc purchased a new position in Weave Communications in the 2nd quarter worth approximately $38,000. Finally, Optiver Holding B.V. boosted its stake in Weave Communications by 1,201.2% in the 1st quarter. Optiver Holding B.V. now owns 7,339 shares of the company's stock worth $34,000 after purchasing an additional 6,775 shares during the period. 86.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Weave Communications Stock Down 0.1%

Shares of WEAV opened at $7.37 on Wednesday. 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 business has a fifty day moving average of $6.86 and a 200 day moving average of $6.01. The company has a market cap of $589.20 million, a PE ratio of -29.46 and a beta of 1.69. Weave Communications, Inc. has a 52-week low of $4.24 and a 52-week high of $7.70.

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 analysts' consensus estimates of $0.04. The business had revenue of $67.54 million for the quarter, compared to analysts' expectations 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, sell-side analysts expect that Weave Communications, Inc. will post -0.22 EPS for the current year.

About Weave Communications

Weave Communications, Inc provides a cloud-based customer communications and payments platform for small and mid-sized healthcare businesses. Its software is designed to help practices manage interactions with patients and customers across phone, text messaging, email, and other communication channels from a unified platform.

The company's products and services include business phone systems, two-way texting, appointment scheduling and reminders, missed-call management, online reviews, payment processing, and analytics.

Want to see what other hedge funds are holding WEAV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Weave Communications, Inc. (NYSE:WEAV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.