Short Interest in Weave Communications, Inc. (NYSE:WEAV) Rises By 57.4%

Key Points

• Weave Communications, Inc. saw a significant increase in short interest of 57.4% in July, with a total of 2,990,000 shares sold short, representing approximately 4.7% of the company's total shares.
• Analyst ratings for Weave Communications indicate a consensus Buy rating with target prices ranging from $13.00 to $15.00, while the current stock price is around $7.59.
• The company recently reported quarterly earnings with negative earnings per share of ($0.11) and a revenue of $55.81 million, missing the consensus EPS estimate significantly.

Weave Communications, Inc. (NYSE:WEAV - Get Free Report) was the target of a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 2,990,000 shares, agrowthof57.4% from the June 30th total of 1,900,000 shares. Based on an average daily trading volume, of 861,100 shares, the short-interest ratio is currently 3.5 days. Approximately4.7% of the company's shares are sold short. Approximately4.7% of the company's shares are sold short. Based on an average daily trading volume, of 861,100 shares, the short-interest ratio is currently 3.5 days.

Weave Communications Stock Down 2.3%

WEAV stock traded down $0.18 during trading on Friday, reaching $7.57. 1,734,887 shares of the stock were exchanged, compared to its average volume of 1,014,902. The firm's 50 day moving average is $8.27 and its 200 day moving average is $10.79. Weave Communications has a twelve month low of $6.75 and a twelve month high of $17.63. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.10. The firm has a market cap of $569.11 million, a P/E ratio of -18.93 and a beta of 1.74.

Weave Communications (NYSE:WEAV - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($0.12). Weave Communications had a negative return on equity of 42.20% and a negative net margin of 13.64%. The firm had revenue of $55.81 million for the quarter, compared to analyst estimates of $54.72 million. As a group, research analysts forecast that Weave Communications will post -0.33 EPS for the current year.

Insider Activity

In other Weave Communications news, CEO Brett T. White sold 53,111 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $8.59, for a total transaction of $456,223.49. Following the sale, the chief executive officer owned 2,004,136 shares of the company's stock, valued at approximately $17,215,528.24. This represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Erin Goodsell sold 7,472 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $8.59, for a total transaction of $64,184.48. Following the sale, the insider directly owned 584,657 shares in the company, valued at $5,022,203.63. This trade represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,294 shares of company stock worth $739,723 over the last ninety days. Corporate insiders own 18.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wasatch Advisors LP increased its stake in Weave Communications by 38.4% in the 4th quarter. Wasatch Advisors LP now owns 5,205,665 shares of the company's stock valued at $82,874,000 after buying an additional 1,444,828 shares during the last quarter. Vanguard Group Inc. increased its stake in Weave Communications by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 4,731,398 shares of the company's stock valued at $52,471,000 after buying an additional 194,936 shares during the last quarter. Voya Investment Management LLC increased its stake in Weave Communications by 26.2% in the 1st quarter. Voya Investment Management LLC now owns 1,387,040 shares of the company's stock valued at $15,382,000 after buying an additional 287,785 shares during the last quarter. AXA S.A. increased its stake in Weave Communications by 0.7% in the 4th quarter. AXA S.A. now owns 1,294,281 shares of the company's stock valued at $20,605,000 after buying an additional 9,365 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Weave Communications by 24.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,152,995 shares of the company's stock valued at $9,593,000 after buying an additional 225,865 shares during the last quarter. 86.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on WEAV shares. Stifel Nicolaus decreased their target price on Weave Communications from $16.00 to $13.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Raymond James Financial decreased their target price on Weave Communications from $17.00 to $15.00 and set a "strong-buy" rating for the company in a research note on Friday, August 1st. Finally, Piper Sandler raised their target price on Weave Communications from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $15.10.

Weave Communications Company Profile

Weave Communications, Inc provides a customer experience and payments software platform in the United States and Canada. Its platform enables small and medium-sized healthcare businesses to maximize the value of their patient interactions and minimize the time and effort spent on manual or mundane tasks.