Weave Communications, Inc. (NYSE:WEAV) Sees Large Decline in Short Interest

Key Points

• Short interest fell 14.7% to 3,596,051 shares as of March 31, equal to 5.6% of the float and a short-interest ratio of about 2.3 days.
• Shares trade at $5.34 with a ~ $420M market cap, negative P/E and a 52-week range of $4.24–$11.32; analysts have a consensus “Hold” rating and an average price target of $10.00.
• CRO Joseph David McNeil sold 25,000 shares in March; insiders own 18.4% of the company while institutional investors hold 86.83%.

Weave Communications, Inc. (NYSE:WEAV - Get Free Report) was the target of a significant decrease in short interest in March. As of March 31st, there was short interest totaling 3,596,051 shares, a decrease of 14.7% from the March 15th total of 4,216,473 shares. Based on an average trading volume of 1,554,977 shares, the short-interest ratio is presently 2.3 days. Currently, 5.6% of the shares of the company are short sold.

Weave Communications Stock Performance

Shares of WEAV stock remained flat at $5.34 during trading hours on Friday. 924,542 shares of the stock traded hands, compared to its average volume of 1,848,706. The stock has a market capitalization of $419.99 million, a price-to-earnings ratio of -14.83 and a beta of 1.71. Weave Communications has a one year low of $4.24 and a one year high of $11.32. 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 company's fifty day simple moving average is $5.13 and its 200 day simple moving average is $6.16.

Weave Communications (NYSE:WEAV - Get Free Report) last issued its earnings results on Thursday, February 19th. The company reported $0.03 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.03. Weave Communications had a negative return on equity of 33.06% and a negative net margin of 11.74%.The company had revenue of $63.40 million for the quarter, compared to analysts' expectations of $63.19 million. As a group, sell-side analysts expect that Weave Communications will post -0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Weave Communications news, CRO Joseph David Mcneil sold 25,000 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $5.53, for a total transaction of $138,250.00. Following the sale, the executive directly owned 505,721 shares in the company, valued at $2,796,637.13. This represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 18.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Weave Communications

Several institutional investors and hedge funds have recently bought and sold shares of the company. Scalar Gauge Management LLC purchased a new position in Weave Communications during the 3rd quarter valued at about $1,164,000. Lane Generational LLC grew its holdings in Weave Communications by 112.1% during the 3rd quarter. Lane Generational LLC now owns 412,462 shares of the company's stock valued at $2,755,000 after buying an additional 217,957 shares in the last quarter. Thrivent Financial for Lutherans purchased a new position in Weave Communications during the 2nd quarter valued at about $3,649,000. Huber Capital Management LLC grew its holdings in Weave Communications by 168.2% during the 3rd quarter. Huber Capital Management LLC now owns 599,048 shares of the company's stock valued at $4,002,000 after buying an additional 375,720 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC purchased a new position in Weave Communications during the 3rd quarter valued at about $7,531,000. 86.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Weave Communications in a research report on Friday, March 27th. Raymond James Financial downgraded shares of Weave Communications from a "strong-buy" rating to a "moderate buy" rating in a research report on Tuesday, January 6th. Piper Sandler decreased their target price on shares of Weave Communications from $12.00 to $8.00 and set an "overweight" rating for the company in a research report on Friday, February 20th. Finally, Stifel Nicolaus decreased their target price on shares of Weave Communications from $11.00 to $9.00 and set a "buy" rating for the company in a research report on Friday, February 20th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $10.00.

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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