Readystate Asset Management LP Purchases Shares of 10,500 Cerebras Systems Inc. $CBRS

Key Points

• Readystate Asset Management purchased 10,500 Cerebras Systems shares worth approximately $2.32 million during the second quarter, joining several other hedge funds that initiated positions.
• Cerebras insiders sold heavily, with executives selling 1.29 million shares valued at about $266 million over the past 90 days; CEO Andrew Feldman’s sale reduced his ownership by 93.38%.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $299.90 price target, despite Cerebras missing quarterly earnings estimates by $2.77 per share.

Readystate Asset Management LP purchased a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,500 shares of the company's stock, valued at approximately $2,320,000.

A number of other hedge funds have also recently made changes to their positions in CBRS. Value Aligned Research Advisors LLC purchased a new position in Cerebras Systems in the 2nd quarter worth $241,934,000. Wellington Management Group LLP bought a new position in Cerebras Systems during the 2nd quarter worth approximately $194,853,000. Montanova Capital LLC bought a new stake in Cerebras Systems in the second quarter valued at approximately $37,990,000. Bank of New York Mellon Corp purchased a new position in shares of Cerebras Systems in the second quarter worth $6,118,000. Finally, Ratan Capital Management LP bought a new stake in Cerebras Systems during the 2nd quarter valued at $4,641,000.

Insider Activity at Cerebras Systems

In related news, CEO Andrew Feldman sold 237,559 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $199.27, for a total value of $47,338,381.93. Following the sale, the chief executive officer directly owned 16,853 shares of the company's stock, valued at $3,358,297.31. This represents a 93.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Sean Lie sold 16,293 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $210.01, for a total value of $3,421,692.93. Following the completion of the transaction, the chief technology officer owned 368,926 shares of the company's stock, valued at approximately $77,478,149.26. This trade represents a 4.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,291,278 shares of company stock valued at $265,966,662 over the last ninety days.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CBRS shares. Wall Street Zen raised shares of Cerebras Systems from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings started coverage on shares of Cerebras Systems in a research note on Thursday, August 13th. They set a "sell (d)" rating for the company. Morgan Stanley increased their target price on shares of Cerebras Systems from $273.00 to $279.00 and gave the stock an "overweight" rating in a report on Thursday, August 13th. TD Cowen began coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a "buy" rating and a $275.00 target price on the stock. Finally, Wedbush boosted their price target on Cerebras Systems from $280.00 to $290.00 and gave the company an "outperform" rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cerebras Systems currently has an average rating of "Moderate Buy" and a consensus price target of $299.90.

Cerebras Systems Price Performance

CBRS stock opened at $210.05 on Tuesday. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34. The business has a 50-day moving average of $203.35.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($2.77). The business had revenue of $209.87 million during the quarter. The company's revenue was up 74.3% on a year-over-year basis. On average, equities analysts anticipate that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Cerebras Systems Profile

Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.

In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.

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