Harber Asset Management LLC Acquires Shares of 785,687 Weave Communications, Inc. $WEAV

Key Points

• Harber Asset Management acquired 785,687 Weave Communications shares worth approximately $4.7 million, representing 0.98% of WEAV and 2.8% of Harber’s portfolio. Institutional investors collectively own 86.83% of the company.
• Weave reported quarterly earnings of $0.04 per share, in line with estimates, while revenue of $67.54 million slightly missed the $67.88 million consensus. Analysts expect a full-year loss of $0.22 per share.
• Analyst sentiment is mixed, with recent downgrades to “Hold” and price-target cuts to $7.40; the stock has a consensus “Hold” rating and an average target of $7.84, compared with a recent share price of $7.30.

Harber Asset Management LLC bought a new position in Weave Communications, Inc. (NYSE:WEAV - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 785,687 shares of the company's stock, valued at approximately $4,706,000. Weave Communications makes up about 2.8% of Harber Asset Management LLC's portfolio, making the stock its 13th largest holding. Harber Asset Management LLC owned 0.98% of Weave Communications at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in WEAV. Wasatch Advisors LP boosted its stake in Weave Communications by 16.3% in the third quarter. Wasatch Advisors LP now owns 6,098,592 shares of the company's stock valued at $40,739,000 after acquiring an additional 855,253 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Weave Communications by 3.4% during the third quarter. Vanguard Group Inc. now owns 5,465,810 shares of the company's stock worth $36,512,000 after purchasing an additional 179,693 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Weave Communications during the 2nd quarter valued at about $31,807,000. Gumshoe Capital Management LLC acquired a new position in Weave Communications in the fourth quarter valued at approximately $22,705,000. Finally, State Street Corp lifted its stake in shares of Weave Communications by 26.8% in the 4th quarter. State Street Corp now owns 2,172,391 shares of the company's stock valued at $16,488,000 after purchasing an additional 459,547 shares during the period. Hedge funds and other institutional investors own 86.83% of the company's stock.

Weave Communications Stock Up 0.1%

Shares of NYSE:WEAV opened at $7.30 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.25 and a quick ratio of 1.25. Weave Communications, Inc. has a 1-year low of $4.24 and a 1-year high of $8.11. The firm has a fifty day moving average price of $6.30 and a 200 day moving average price of $5.68. The stock has a market cap of $584 million, a P/E ratio of -29.20 and a beta of 1.67.

Weave Communications (NYSE:WEAV - Get Free Report) last announced 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. Weave Communications had a negative return on equity of 21.14% and a negative net margin of 7.97%.The company had revenue of $67.54 million for the quarter, compared to analyst estimates of $67.88 million. Sell-side analysts predict that Weave Communications, Inc. will post -0.22 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on WEAV. Wall Street Zen raised Weave Communications from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Weiss Ratings reissued a "sell (e+)" rating on shares of Weave Communications in a research note on Wednesday, July 8th. Piper Sandler cut shares of Weave Communications from an "overweight" rating to a "hold" rating and dropped their price target for the company from $8.00 to $7.40 in a research note on Tuesday. Loop Capital lowered shares of Weave Communications from a "buy" rating to a "hold" rating and set a $7.40 price objective on the stock. in a report on Wednesday. Finally, B. Riley Financial cut Weave Communications from a "buy" rating to a "hold" rating and decreased their price target for the stock from $8.25 to $7.40 in a research note on Wednesday. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Weave Communications presently has a consensus rating of "Hold" and an average price target of $7.84.

Weave Communications Profile

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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