Pale Fire Capital SE Acquires Shares of 1,492,806 Weave Communications, Inc. $WEAV

Key Points

• Pale Fire Capital SE disclosed a new first-quarter position in Weave Communications, buying 1,492,806 shares valued at about $6.9 million. The stake represents roughly 1.88% of Weave’s outstanding shares.
• Institutional interest in WEAV remained active, with several funds adding or initiating positions during the quarter, and institutional investors now own about 86.83% of the company.
• Analysts currently have a Hold consensus on Weave Communications, with an average target price of $10.00. The stock recently traded at $6.19 after the company posted quarterly earnings and revenue that slightly topped expectations.

Pale Fire Capital SE acquired a new position in shares of Weave Communications, Inc. (NYSE:WEAV - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,492,806 shares of the company's stock, valued at approximately $6,897,000. Weave Communications comprises approximately 0.6% of Pale Fire Capital SE's investment portfolio, making the stock its 20th biggest holding. Pale Fire Capital SE owned approximately 1.88% of Weave Communications as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in WEAV. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Weave Communications by 897.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 364,240 shares of the company's stock valued at $1,683,000 after purchasing an additional 327,721 shares during the last quarter. State of Wyoming purchased a new position in Weave Communications during the 1st quarter worth approximately $309,000. PNC Financial Services Group Inc. grew its stake in Weave Communications by 36.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 27,940 shares of the company's stock worth $129,000 after buying an additional 7,517 shares during the last quarter. Bank of New York Mellon Corp increased its position in Weave Communications by 17.7% during the first quarter. Bank of New York Mellon Corp now owns 805,788 shares of the company's stock worth $3,723,000 after buying an additional 121,168 shares during the period. Finally, Fifth Third Bancorp acquired a new position in Weave Communications during the first quarter worth approximately $622,000. Institutional investors and hedge funds own 86.83% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Weave Communications in a report on Wednesday, July 8th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Weave Communications currently has a consensus rating of "Hold" and an average target price of $10.00.

Weave Communications Price Performance

Shares of NYSE:WEAV opened at $6.19 on Friday. The company has a 50-day simple moving average of $6.06 and a 200-day simple moving average of $5.77. Weave Communications, Inc. has a one year low of $4.24 and a one year high of $8.11. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a market capitalization of $492.46 million, a price-to-earnings ratio of -19.96 and a beta of 1.68.

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

Weave Communications Company 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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