Weave Communications (NYSE:WEAV) Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Weave Communications from “Buy” to “Hold,” following similar rating cuts from Loop Capital, Piper Sandler and B. Riley. MarketBeat’s consensus rating is now “Hold,” with an average price target of $7.84.
• WEAV shares opened at $7.30, above their 50-day and 200-day moving averages, but the company remains unprofitable, with a negative net margin of 7.97% and analysts projecting a full-year loss of $0.22 per share.
• Institutional investors own approximately 86.83% of the stock, while the company’s latest quarter showed adjusted earnings of $0.04 per share, in line with estimates, and revenue of $67.54 million, slightly below expectations.

Weave Communications (NYSE:WEAV - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Sunday.

Other equities analysts have also recently issued research reports about the company. Loop Capital cut Weave Communications from a "buy" rating to a "hold" rating and set a $7.40 price objective for the company. in a report on Wednesday. Piper Sandler lowered Weave Communications from an "overweight" rating to a "hold" rating and dropped their target price for the stock from $8.00 to $7.40 in a report on Tuesday, August 18th. Weiss Ratings restated a "sell (e+)" rating on shares of Weave Communications in a research note on Wednesday, July 8th. UBS Group reaffirmed an "accumulate" rating on shares of Weave Communications in a research report on Tuesday. Finally, B. Riley Financial cut Weave Communications from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $8.25 to $7.40 in a research note on Wednesday. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Weave Communications currently has a consensus rating of "Hold" and an average price target of $7.84.

Weave Communications Price Performance

Shares of NYSE:WEAV opened at $7.30 on Friday. The business has a 50-day moving average of $6.30 and a two-hundred day moving average of $5.68. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a market capitalization of $584 million, a P/E ratio of -29.20 and a beta of 1.67. Weave Communications has a fifty-two week low of $4.24 and a fifty-two week high of $8.11.

Weave Communications (NYSE:WEAV - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. Weave Communications had a negative net margin of 7.97% and a negative return on equity of 21.14%. The company had revenue of $67.54 million during the quarter, compared to analysts' expectations of $67.88 million. On average, equities research analysts predict that Weave Communications will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Weave Communications

Several institutional investors and hedge funds have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd bought a new stake in shares of Weave Communications during the first quarter worth approximately $1,709,000. Engine Capital Management LP bought a new position in shares of Weave Communications during the first quarter worth approximately $4,858,000. Pale Fire Capital SE bought a new position in shares of Weave Communications during the first quarter worth approximately $6,897,000. Arrowstreet Capital Limited Partnership lifted its holdings in Weave Communications by 897.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 364,240 shares of the company's stock worth $1,683,000 after purchasing an additional 327,721 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Weave Communications by 17.7% during the 1st quarter. Bank of New York Mellon Corp now owns 805,788 shares of the company's stock worth $3,723,000 after purchasing an additional 121,168 shares during the last quarter. 86.83% of the stock is currently owned by institutional investors and hedge funds.

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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