Weave Communications (NYSE:WEAV) Sets New 12-Month Low - Here's What Happened

Key Points

• Weave Communications' stock hit a new 52-week low of $6.67, closing at $6.72 with a trading volume of over 200,000 shares.
• Analysts have adjusted their price targets for WEAV, with Stifel Nicolaus reducing theirs from $16.00 to $13.00 and Raymond James lowering theirs from $17.00 to $15.00, while maintaining positive ratings.
• Recent insider trading activity saw COO Marcus Bertilson sell 13,836 shares at $7.73, marking a 3.93% decrease in his ownership of the company.

Shares of Weave Communications, Inc. (NYSE:WEAV - Get Free Report) reached a new 52-week low on Tuesday . The stock traded as low as $6.67 and last traded at $6.72, with a volume of 200339 shares traded. The stock had previously closed at $6.94.

Wall Street Analyst Weigh In

Several research analysts have weighed in on WEAV shares. Stifel Nicolaus cut their price objective on Weave Communications from $16.00 to $13.00 and set a "buy" rating on the stock in a research report on Friday, August 1st. Raymond James Financial lowered their target price on Weave Communications from $17.00 to $15.00 and set a "strong-buy" rating on the stock in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $15.10.

Weave Communications Stock Performance

The company has a market cap of $518.86 million, a P/E ratio of -16.80 and a beta of 1.75. The company's fifty day moving average is $7.63 and its 200 day moving average is $8.93. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09.

Insider Activity at Weave Communications

In other Weave Communications news, insider Erin Goodsell sold 9,541 shares of the business's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $7.50, for a total value of $71,557.50. Following the completion of the sale, the insider owned 544,181 shares in the company, valued at approximately $4,081,357.50. The trade was a 1.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Marcus Bertilson sold 13,836 shares of Weave Communications stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $7.73, for a total transaction of $106,952.28. Following the completion of the transaction, the chief operating officer directly owned 338,592 shares in the company, valued at approximately $2,617,316.16. The trade was a 3.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,179 shares of company stock worth $825,403 over the last three months. Corporate insiders own 18.40% of the company's stock.

Institutional Trading of Weave Communications

A number of hedge funds have recently modified their holdings of WEAV. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Weave Communications by 37.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 82,947 shares of the company's stock valued at $1,321,000 after buying an additional 22,448 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Weave Communications by 9.1% during the 1st quarter. Rhumbline Advisers now owns 55,109 shares of the company's stock valued at $611,000 after buying an additional 4,594 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Weave Communications during the 1st quarter valued at $186,000. Teacher Retirement System of Texas boosted its holdings in shares of Weave Communications by 31.7% during the 1st quarter. Teacher Retirement System of Texas now owns 52,172 shares of the company's stock valued at $579,000 after buying an additional 12,566 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Weave Communications by 474.5% in the 1st quarter. Bank of New York Mellon Corp now owns 570,810 shares of the company's stock worth $6,330,000 after purchasing an additional 471,446 shares in the last quarter. Institutional investors own 86.83% of the company's stock.

About Weave Communications

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.