Weave Communications (NYSE:WEAV) Sees Large Volume Increase - Here's Why

Key Points

• Weave Communications shares saw a 32% surge in trading volume, with 2.59 million shares changing hands; the stock closed nearly flat at $7.395.
• Analyst sentiment has weakened, with several firms downgrading the stock to “hold” and lowering targets to $7.40. The consensus rating is “Hold,” with an average price target of $7.84.
• Institutional ownership stands at 86.83% after major investors, including BlackRock, acquired or increased positions. The company met quarterly EPS expectations at $0.04 but slightly missed revenue estimates and remains unprofitable.

Weave Communications, Inc. (NYSE:WEAV - Get Free Report) saw unusually-strong trading volume on Wednesday. 2,588,041 shares were traded during trading, an increase of 32% from the previous session's volume of 1,960,453 shares. The stock last traded at $7.3950 and had previously closed at $7.39.

Analysts Set New Price Targets

Several research firms have recently issued reports on WEAV. Loop Capital cut shares of Weave Communications from a "buy" rating to a "hold" rating and set a $7.40 price objective on the stock. in a research report on Wednesday, August 19th. UBS Group reaffirmed an "accumulate" rating on shares of Weave Communications in a research note on Tuesday, August 18th. Piper Sandler downgraded shares of Weave Communications from an "overweight" rating to a "hold" rating and reduced their price target for the company from $8.00 to $7.40 in a report on Tuesday, August 18th. Wall Street Zen downgraded shares of Weave Communications from a "buy" rating to a "hold" rating in a report on Sunday, August 23rd. Finally, B. Riley Financial lowered Weave Communications from a "buy" rating to a "hold" rating and cut their price objective for the company from $8.25 to $7.40 in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $7.84.

Weave Communications Stock Up 0.1%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a market capitalization of $591.60 million, a PE ratio of -29.58 and a beta of 1.68. The company has a fifty day moving average price of $7.18 and a 200-day moving average price of $6.30.

Weave Communications (NYSE:WEAV - Get Free Report) last posted its earnings results 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 net margin of 7.97% and a negative return on equity of 21.14%. The firm had revenue of $67.54 million during the quarter, compared to analyst estimates of $67.88 million. As a group, analysts expect that Weave Communications, Inc. will post -0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Weave Communications in the 2nd quarter worth about $31,807,000. Pale Fire Capital SE bought a new stake in Weave Communications in the first quarter worth about $6,897,000. Engine Capital Management LP purchased a new position in shares of Weave Communications during the first quarter valued at approximately $4,858,000. Bank of New York Mellon Corp boosted its position in shares of 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 valued at $3,723,000 after buying an additional 121,168 shares during the period. Finally, Harber Asset Management LLC purchased a new position in shares of Weave Communications during the second quarter valued at approximately $4,706,000. Institutional investors own 86.83% of the company's stock.

Weave Communications Company Profile

Weave Communications, Inc provides cloud-based customer communication and payments software designed primarily for small and midsized healthcare practices. Its platform helps businesses manage interactions with patients and customers through a unified system rather than relying on separate phone, messaging, scheduling and payment tools.

Weave's products and services include business phone systems, two-way texting, email communications, appointment scheduling, automated reminders, online reviews, payment processing and customer relationship management tools.

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