Renaissance Technologies LLC Sells 206,400 Shares of Weave Communications, Inc. $WEAV

Key Points

• Renaissance Technologies reduced its Weave Communications stake by 12.2%, selling 206,400 shares in the first quarter and retaining 1.49 million shares worth approximately $6.87 million.
• Institutional ownership remains high at 86.83%, with investors including Wasatch Advisors, Vanguard, State Street and Geode Capital holding significant positions.
• WEAV opened at $6.86, within its $4.24–$8.11 one-year range. Analysts have a consensus “Hold” rating and an average price target of $8.33, despite one reiterated sell rating.

Renaissance Technologies LLC trimmed its stake in Weave Communications, Inc. (NYSE:WEAV - Free Report) by 12.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,487,900 shares of the company's stock after selling 206,400 shares during the period. Renaissance Technologies LLC owned approximately 1.87% of Weave Communications worth $6,874,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of WEAV. Wasatch Advisors LP lifted its position in Weave Communications by 16.3% during the third quarter. Wasatch Advisors LP now owns 6,098,592 shares of the company's stock valued at $40,739,000 after purchasing an additional 855,253 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Weave Communications by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 5,465,810 shares of the company's stock worth $36,512,000 after buying an additional 179,693 shares during the last quarter. Gumshoe Capital Management LLC bought a new position in shares of Weave Communications in the 4th quarter worth $22,705,000. State Street Corp raised its position in shares of Weave Communications by 26.8% during the 4th quarter. State Street Corp now owns 2,172,391 shares of the company's stock valued at $16,488,000 after buying an additional 459,547 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Weave Communications by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 1,498,288 shares of the company's stock valued at $11,374,000 after buying an additional 52,579 shares in the last quarter. 86.83% of the stock is owned by hedge funds and other institutional investors.

Weave Communications Stock Performance

NYSE:WEAV opened at $6.86 on Wednesday. The company has a market capitalization of $545.77 million, a price-to-earnings ratio of -22.13 and a beta of 1.67. The business has a 50 day moving average of $6.21 and a 200 day moving average of $5.73. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.24 and a quick ratio of 1.24. Weave Communications, Inc. has a 1-year low of $4.24 and a 1-year high of $8.11.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Weave Communications in a research report on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $8.33.

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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