Cerebras Systems Inc. $CBRS Stock: Privium Fund Management B.V. Raises Holdings

Key Points

• Privium Fund Management increased its Cerebras stake by 83.5% in the third quarter, to 111,000 shares valued at about $19.7 million. The stock represents roughly 3.8% of the fund’s portfolio.
• Company insiders sold a combined 1.92 million shares worth approximately $394.6 million over the past 90 days. The reported CTO and COO sales were made under pre-arranged Rule 10b5-1 plans.
• Cerebras reported quarterly revenue growth of 74.3% year over year, but its adjusted loss per share was wider than analysts expected. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $281.90.

Privium Fund Management B.V. raised its position in shares of Cerebras Systems Inc. (NASDAQ:CBRS - Free Report) by 83.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 111,000 shares of the company's stock after acquiring an additional 50,500 shares during the period. Cerebras Systems makes up approximately 3.8% of Privium Fund Management B.V.'s investment portfolio, making the stock its 7th largest position. Privium Fund Management B.V.'s holdings in Cerebras Systems were worth $19,719,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. McGuire Investment Group LLC lifted its holdings in Cerebras Systems by 7.6% during the 3rd quarter. McGuire Investment Group LLC now owns 1,420 shares of the company's stock worth $252,000 after purchasing an additional 100 shares during the last quarter. Wealth Enhancement Trust Services Inc. acquired a new position in Cerebras Systems in the 3rd quarter valued at $26,000. Blue Bell Private Wealth Management LLC acquired a new position in Cerebras Systems in the 3rd quarter valued at $31,000. GK Wealth Management LLC bought a new position in Cerebras Systems during the 3rd quarter worth $31,000. Finally, Silicon Valley Capital Partners bought a new position in Cerebras Systems during the 2nd quarter worth $44,000.

Insider Activity at Cerebras Systems

In related news, CTO Sean Lie sold 60,000 shares of Cerebras Systems stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $115.79, for a total value of $6,947,400.00. Following the transaction, the chief technology officer directly owned 263,592 shares of the company's stock, valued at $30,521,317.68. This trade represents a 18.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Dhiraj Mallick sold 396,000 shares of the business's stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $204.04, for a total transaction of $80,799,840.00. Following the transaction, the chief operating officer owned 396,000 shares of the company's stock, valued at approximately $80,799,840. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,924,452 shares of company stock worth $394,628,154 in the last 90 days.

Cerebras Systems Stock Up 9.8%

Shares of CBRS traded up $7.97 during trading hours on Friday, hitting $89.68. 9,941,172 shares of the company were exchanged, compared to its average volume of 10,661,696. The company has a current ratio of 5.82, a quick ratio of 5.80 and a debt-to-equity ratio of 0.02. Cerebras Systems Inc. has a fifty-two week low of $77.84 and a fifty-two week high of $386.34. The stock has a market capitalization of $21.30 billion and a P/E ratio of -1,121.00. The business's fifty day simple moving average is $159.28.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($2.77). The company had revenue of $209.87 million during the quarter. Cerebras Systems's revenue for the quarter was up 74.3% compared to the same quarter last year. Analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Analyst Upgrades and Downgrades

CBRS has been the subject of a number of recent research reports. Weiss Ratings cut shares of Cerebras Systems from a "sell (d)" rating to a "sell (d-)" rating in a research report on Wednesday. Wedbush lifted their price objective on shares of Cerebras Systems from $280.00 to $290.00 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. Freedom Capital raised shares of Cerebras Systems from a "hold" rating to a "strong-buy" rating in a report on Friday, October 2nd. UBS Group decreased their target price on shares of Cerebras Systems from $330.00 to $250.00 and set a "buy" rating on the stock in a research report on Monday, November 2nd. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $300.00 target price on shares of Cerebras Systems in a report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $281.90.

About Cerebras Systems

Cerebras Systems develops computing systems and software designed for artificial intelligence and other compute-intensive workloads. Its products are built around the Wafer-Scale Engine, a large processor designed to support AI model training and inference, and include the CS-3 system and related software.

The company also offers cloud-based access to its AI computing infrastructure, giving customers a way to run AI workloads without deploying its systems on site. Its offerings are aimed at organizations developing and operating large AI models, including businesses, research institutions and public-sector customers.

Founded in 2015, Cerebras is headquartered in Sunnyvale, California.

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