Weave Communications (NYSE:WEAV) Trading 5.6% Higher - Here's What Happened

Weave Communications, Inc. (NYSE:WEAV - Get Free Report)'s stock price shot up 5.6% during trading on Thursday . The company traded as high as $8.41 and last traded at $8.43. 81,852 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 801,892 shares. The stock had previously closed at $7.98.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WEAV. Raymond James Financial 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 research note on Tuesday, April 29th. Piper Sandler boosted their price target on shares of Weave Communications from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, 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. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Weave Communications presently has an average rating of "Buy" and a consensus price target of $16.10.

Weave Communications Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 1.60 and a quick ratio of 1.60. The company has a 50-day simple moving average of $9.57 and a 200-day simple moving average of $12.23. The stock has a market cap of $657.47 million, a PE ratio of -21.33 and a beta of 1.76.

Weave Communications (NYSE:WEAV - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($0.12). Weave Communications had a negative return on equity of 31.08% and a negative net margin of 14.07%. The company had revenue of $55.81 million for the quarter, compared to analyst estimates of $54.72 million. Sell-side analysts anticipate that Weave Communications, Inc. will post -0.33 EPS for the current fiscal year.

Insider Buying and Selling at Weave Communications

In other Weave Communications news, COO Marcus Bertilson sold 11,409 shares of the business's stock in a transaction 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 sale, the chief operating officer directly owned 352,093 shares in the company, valued at approximately $3,003,353.29. The trade was a 3.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Erin Goodsell sold 7,472 shares of the firm's stock in a transaction on Monday, June 16th. The shares were 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 of the company's stock, valued at approximately $5,022,203.63. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,577 shares of company stock worth $1,499,638. Corporate insiders own 18.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wasatch Advisors LP raised its position in 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 acquiring an additional 1,444,828 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Weave Communications by 4.3% in the first quarter. Vanguard Group Inc. now owns 4,731,398 shares of the company's stock valued at $52,471,000 after purchasing an additional 194,936 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Weave Communications by 202.9% during 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. Voya Investment Management LLC raised its position in shares of Weave Communications by 26.2% during the 1st quarter. Voya Investment Management LLC now owns 1,387,040 shares of the company's stock worth $15,382,000 after purchasing an additional 287,785 shares during the last quarter. Finally, AXA S.A. raised its position in shares of Weave Communications by 0.7% during the 4th quarter. AXA S.A. now owns 1,294,281 shares of the company's stock worth $20,605,000 after purchasing an additional 9,365 shares during the last quarter. Institutional investors and hedge funds 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.