Weave Communications (NYSE:WEAV) Trading Down 13.9% on Disappointing Earnings

Weave Communications, Inc. (NYSE:WEAV - Get Free Report)'s stock price traded down 13.9% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $9.39 and last traded at $9.22. 104,352 shares traded hands during trading, a decline of 85% from the average session volume of 717,917 shares. The stock had previously closed at $10.70.

The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of $0.01 by ($0.12). Weave Communications had a negative return on equity of 28.37% and a negative net margin of 13.87%. The company had revenue of $55.81 million during the quarter, compared to the consensus estimate of $54.72 million.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WEAV. Piper Sandler increased their target price on Weave Communications from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Raymond James dropped their price objective on shares of Weave Communications from $20.00 to $17.00 and set a "strong-buy" rating on the stock in a report on Tuesday, April 29th. Finally, Stifel Nicolaus reduced their price target on Weave Communications from $20.00 to $16.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $16.10.

Insider Buying and Selling

In other news, CFO Alan Taylor sold 31,262 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $11.16, for a total value of $348,883.92. Following the completion of the sale, the chief financial officer now owns 247,484 shares in the company, valued at $2,761,921.44. This represents a 11.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Branden Neish sold 20,232 shares of the firm's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $10.23, for a total value of $206,973.36. Following the sale, the insider now directly owns 526,011 shares of the company's stock, valued at $5,381,092.53. This trade represents a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 443,780 shares of company stock valued at $5,685,893. Insiders own 18.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WEAV. Aquatic Capital Management LLC bought a new position in shares of Weave Communications in the 4th quarter valued at about $34,000. a16z Perennial Management L.P. bought a new position in Weave Communications during the 1st quarter worth about $36,000. Amundi acquired a new stake in Weave Communications in the 4th quarter valued at approximately $66,000. Summit Investment Advisors Inc. boosted its holdings in Weave Communications by 28.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,143 shares of the company's stock worth $66,000 after purchasing an additional 928 shares during the last quarter. Finally, Values First Advisors Inc. bought a new position in shares of Weave Communications in the 1st quarter valued at about $128,000. Institutional investors and hedge funds own 86.83% of the company's stock.

Weave Communications Price Performance

The company has a 50-day simple moving average of $10.53 and a two-hundred day simple moving average of $13.49. The stock has a market cap of $781.96 million, a price-to-earnings ratio of -26.77 and a beta of 1.97. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.59 and a current ratio of 1.59.

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.