Weave Communications (NYSE:WEAV) Reaches New 12-Month Low - Here's Why

Key Points

• Weave Communications' stock reached a new 52-week low of $7.24, with recent trading volumes of 328,615 shares.
• Despite the low price, analysts have mixed ratings for the stock, with price target adjustments ranging from $15.00 to $17.00 and an average target of $16.10.
• Insiders sold a total of 86,294 shares in the past ninety days, indicating potential concerns about the company's current performance.

Shares of Weave Communications, Inc. (NYSE:WEAV - Get Free Report) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $7.24 and last traded at $7.33, with a volume of 328615 shares. The stock had previously closed at $7.52.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Stifel Nicolaus dropped their price objective on Weave Communications from $16.00 to $13.00 and set a "buy" rating on the stock in a report on Friday. Raymond James Financial dropped their price objective on Weave Communications from $17.00 to $15.00 and set a "strong-buy" rating on the stock in a report on Friday. Finally, Piper Sandler lifted their price objective on Weave Communications from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $15.10.

Weave Communications Trading Up 1.6%

The company has a market cap of $521.67 million, a price-to-earnings ratio of -17.43 and a beta of 1.74. The firm has a 50-day moving average price of $8.50 and a 200 day moving average price of $11.01. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.10.

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

Insider Transactions at Weave Communications

In other news, insider Erin Goodsell sold 7,472 shares of Weave Communications stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $8.59, for a total value of $64,184.48. Following the completion of the transaction, the insider owned 584,657 shares in the company, valued at approximately $5,022,203.63. This trade represents a 1.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Marcus Bertilson sold 11,409 shares of Weave Communications stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $8.53, for a total value of $97,318.77. Following the completion of the transaction, the chief operating officer owned 352,093 shares of the company's stock, valued at approximately $3,003,353.29. The trade was a 3.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,294 shares of company stock worth $739,723 in the last quarter. Insiders own 18.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WEAV. Rhumbline Advisers boosted its position in 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 purchasing an additional 4,594 shares during the period. Oppenheimer & Co. Inc. acquired a new position in Weave Communications during the 1st quarter valued at approximately $186,000. Driehaus Capital Management LLC boosted its position in Weave Communications by 57.9% during the 4th quarter. Driehaus Capital Management LLC now owns 855,502 shares of the company's stock valued at $13,620,000 after purchasing an additional 313,618 shares during the period. Geode Capital Management LLC boosted its position in Weave Communications by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 894,331 shares of the company's stock valued at $14,242,000 after purchasing an additional 11,124 shares during the period. Finally, Arizona State Retirement System boosted its position in Weave Communications by 20.2% during the 1st quarter. Arizona State Retirement System now owns 12,524 shares of the company's stock valued at $139,000 after purchasing an additional 2,103 shares during the period. Institutional investors and hedge funds 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.