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

Shares of Weave Communications, Inc. (NYSE:WEAV - Get Free Report) were down 13.9% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $9.39 and last traded at $9.22. Approximately 104,352 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 717,917 shares. The stock had previously closed at $10.70.

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on WEAV shares. Raymond James dropped their target price 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. Stifel Nicolaus reduced their price objective on shares of Weave Communications from $20.00 to $16.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Finally, Piper Sandler dropped their price objective on shares of Weave Communications from $17.00 to $14.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $15.90.

Insider Transactions at Weave Communications

In related news, Director Blake G. Modersitzki sold 5,485 shares of the firm's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $17.45, for a total value of $95,713.25. Following the sale, the director now directly owns 188,441 shares of the company's stock, valued at $3,288,295.45. This trade represents a 2.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Brett T. White sold 54,051 shares of the business'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 $552,941.73. Following the transaction, the chief executive officer now directly owns 2,086,384 shares of the company's stock, valued at approximately $21,343,708.32. The trade was a 2.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 449,265 shares of company stock valued at $5,781,607. 18.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Weave Communications

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Wasatch Advisors LP grew its stake in shares of Weave Communications by 38.4% during the fourth quarter. Wasatch Advisors LP now owns 5,205,665 shares of the company's stock worth $82,874,000 after buying an additional 1,444,828 shares during the last quarter. Vanguard Group Inc. grew its position in Weave Communications by 23.5% during the 4th quarter. Vanguard Group Inc. now owns 4,536,462 shares of the company's stock worth $72,220,000 after acquiring an additional 863,547 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Weave Communications by 202.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,650,760 shares of the company's stock worth $26,280,000 after purchasing an additional 1,105,728 shares in the last quarter. Pathway Capital Management LP raised its position in Weave Communications by 136.3% in the fourth quarter. Pathway Capital Management LP now owns 1,349,365 shares of the company's stock valued at $21,482,000 after purchasing an additional 778,413 shares during the last quarter. Finally, AXA S.A. boosted its stake in shares of Weave Communications by 0.7% during the fourth quarter. AXA S.A. now owns 1,294,281 shares of the company's stock valued at $20,605,000 after purchasing an additional 9,365 shares in the last quarter. 86.83% of the stock is owned by institutional investors.

Weave Communications Stock Performance

The company has a fifty day moving average price of $10.70 and a two-hundred day moving average price of $13.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.59 and a quick ratio of 1.59. The company has a market capitalization of $699.04 million, a P/E ratio of -24.04 and a beta of 1.97.

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.

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