Engine Capital Management LP Makes New $4.86 Million Investment in Weave Communications, Inc. $WEAV

Key Points

• Engine Capital Management initiated a $4.86 million position in Weave Communications, purchasing 1.05 million shares, or 1.32% of the company. Institutional investors collectively own 86.83% of WEAV.
• Weave reported quarterly revenue of $65.5 million and EPS of $0.03, exceeding analyst expectations of $64.57 million and $0.02, respectively, though it remains unprofitable with a negative net margin.
• Shares recently traded at $6.65, up 7.8%; analysts maintain a consensus “Hold” rating with a $10.00 price target, despite ratings ranging from Buy to Sell.

Engine Capital Management LP bought a new stake in Weave Communications, Inc. (NYSE:WEAV - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,051,525 shares of the company's stock, valued at approximately $4,858,000. Weave Communications makes up 0.6% of Engine Capital Management LP's holdings, making the stock its 20th largest position. Engine Capital Management LP owned 1.32% of Weave Communications at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Amundi lifted its position in Weave Communications by 27.1% in the first quarter. Amundi now owns 5,301 shares of the company's stock valued at $59,000 after acquiring an additional 1,130 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Weave Communications by 6.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,918 shares of the company's stock worth $265,000 after purchasing an additional 1,457 shares during the last quarter. Creative Planning acquired a new stake in shares of Weave Communications during the second quarter worth about $143,000. JPMorgan Chase & Co. increased its position in shares of Weave Communications by 2.7% during the second quarter. JPMorgan Chase & Co. now owns 292,452 shares of the company's stock worth $2,433,000 after purchasing an additional 7,651 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Weave Communications by 83.9% in the 2nd quarter. Legal & General Group Plc now owns 65,657 shares of the company's stock valued at $546,000 after purchasing an additional 29,958 shares during the last quarter. 86.83% of the stock is owned by hedge funds and other institutional investors.

Weave Communications Trading Up 7.8%

Shares of Weave Communications stock opened at $6.65 on Tuesday. The company has a 50-day moving average of $6.09 and a two-hundred day moving average of $5.75. Weave Communications, Inc. has a 12-month low of $4.24 and a 12-month high of $8.11. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.08. The stock has a market cap of $529.22 million, a PE ratio of -21.45 and a beta of 1.68.

Weave Communications (NYSE:WEAV - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. Weave Communications had a negative return on equity of 26.46% and a negative net margin of 10.05%.The business had revenue of $65.50 million for the quarter, compared to analyst estimates of $64.57 million. On average, research analysts anticipate that Weave Communications, Inc. will post -0.27 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of Weave Communications in a research note on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $10.00.

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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