Weave Communications (NYSE:WEAV) Stock Price Down 5.9% - Here's What Happened

Weave Communications, Inc. (NYSE:WEAV - Get Free Report)'s stock price was down 5.9% on Friday . The stock traded as low as $7.93 and last traded at $7.92. Approximately 347,724 shares traded hands during trading, a decline of 62% from the average daily volume of 916,964 shares. The stock had previously closed at $8.41.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on WEAV shares. Raymond James Financial decreased their target price on Weave Communications from $20.00 to $17.00 and set a "strong-buy" rating for the company in a research note on Tuesday, April 29th. Stifel Nicolaus reduced their price objective 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. Finally, Piper Sandler raised their price objective on Weave Communications from $14.00 to $15.00 and gave the stock an "overweight" rating in a research 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 company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $16.10.

Weave Communications Price Performance

The stock has a 50-day simple moving average of $9.32 and a 200 day simple moving average of $11.87. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.60 and a current ratio of 1.60. The company has a market cap of $570.03 million, a P/E ratio of -18.49 and a beta of 1.76.

Weave Communications (NYSE:WEAV - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of $0.01 by ($0.12). The firm had revenue of $55.81 million during the quarter, compared to the consensus estimate of $54.72 million. Weave Communications had a negative return on equity of 31.08% and a negative net margin of 14.07%. On average, equities analysts expect that Weave Communications, Inc. will post -0.33 EPS for the current year.

Insider Buying and Selling at Weave Communications

In related news, COO Marcus Bertilson sold 11,409 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $8.53, for a total transaction of $97,318.77. Following the completion of the transaction, the chief operating officer owned 352,093 shares in the company, valued at $3,003,353.29. This trade represents a 3.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Branden Neish sold 20,232 shares of the firm's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $10.23, for a total value of $206,973.36. Following the transaction, the insider owned 526,011 shares of the company's stock, valued at $5,381,092.53. This trade represents a 3.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 160,577 shares of company stock worth $1,499,638 over the last three months. 18.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Weave Communications

Several hedge funds and other institutional investors have recently modified their holdings of WEAV. Rhumbline Advisers increased its holdings 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 in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Weave Communications during the 1st quarter valued at $186,000. Charles Schwab Investment Management Inc. increased its stake in shares of Weave Communications by 6.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,330 shares of the company's stock valued at $7,392,000 after buying an additional 29,231 shares during the period. Driehaus Capital Management LLC increased its stake in shares of Weave Communications by 57.9% in the 4th quarter. Driehaus Capital Management LLC now owns 855,502 shares of the company's stock valued at $13,620,000 after buying an additional 313,618 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Weave Communications by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 894,331 shares of the company's stock valued at $14,242,000 after buying an additional 11,124 shares during the period. Institutional investors own 86.83% of the company's stock.

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.