Weave Communications' (WEAV) "Neutral" Rating Reaffirmed at Piper Sandler

Key Points

• Piper Sandler reaffirmed its “Neutral” rating on Weave Communications and lowered its price target to $7.40 from $8.00, implying just 1.58% upside from the prior close. Analysts’ overall consensus remains “Hold,” with an average target of $8.16.
• WEAV shares surged 31.7% to $7.29 in Tuesday trading on unusually heavy volume, while remaining within their $4.24–$8.11 52-week range.
• Weave’s latest quarterly results met expectations with EPS of $0.04, though revenue of $67.54 million came slightly below the $67.88 million consensus estimate; institutional investors own 86.83% of the stock.

Weave Communications (NYSE:WEAV - Get Free Report)'s stock had its "neutral" rating restated by equities researchers at Piper Sandler in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $7.40 price target on the stock, down from their prior price target of $8.00. Piper Sandler's target price indicates a potential upside of 1.58% from the stock's previous close.

WEAV has been the topic of several other research reports. Weiss Ratings reissued a "sell (e+)" rating on shares of Weave Communications in a research note on Wednesday, July 8th. Wall Street Zen upgraded Weave Communications from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, B. Riley Financial started coverage on Weave Communications in a research note on Tuesday. They issued a "buy" rating and a $8.25 price target for the company. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $8.16.

Weave Communications Trading Up 31.7%

WEAV traded up $1.75 during trading on Tuesday, reaching $7.29. 35,445,431 shares of the company's stock were exchanged, compared to its average volume of 1,740,609. The company's fifty day moving average price is $6.16 and its 200-day moving average price is $5.66. The firm has a market capitalization of $582.79 million, a PE ratio of -29.14 and a beta of 1.67. Weave Communications has a fifty-two week low of $4.24 and a fifty-two week high of $8.11. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.25 and a current ratio of 1.25.

Weave Communications (NYSE:WEAV - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.04 earnings per share for the quarter, meeting analysts' consensus estimates of $0.04. Weave Communications had a negative return on equity of 21.14% and a negative net margin of 7.97%.The company had revenue of $67.54 million for the quarter, compared to the consensus estimate of $67.88 million. As a group, equities analysts forecast that Weave Communications will post -0.27 EPS for the current year.

Institutional Trading of Weave Communications

Hedge funds have recently added to or reduced their stakes in the business. Amundi increased its holdings in shares of Weave Communications by 27.1% in the first quarter. Amundi now owns 5,301 shares of the company's stock worth $59,000 after acquiring an additional 1,130 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Weave Communications by 6.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,918 shares of the company's stock valued at $265,000 after purchasing an additional 1,457 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Weave Communications by 3.0% during the 4th quarter. Russell Investments Group Ltd. now owns 68,070 shares of the company's stock valued at $517,000 after purchasing an additional 2,009 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Weave Communications by 9.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 26,489 shares of the company's stock valued at $201,000 after purchasing an additional 2,354 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Weave Communications by 0.7% in the 4th quarter. Deutsche Bank AG now owns 353,591 shares of the company's stock valued at $2,684,000 after purchasing an additional 2,366 shares during the period. Institutional investors and hedge funds own 86.83% of the company's stock.

Weave Communications Company Profile

Weave Communications is a technology company that provides integrated communications and customer management solutions tailored for small- to medium-sized local businesses. Headquartered in Lehi, Utah, the company developed a cloud-based platform that unifies voice calling, business texting, appointment reminders and payment processing within a single interface.

The platform's core offerings include a unified business phone system, two-way texting, automated appointment and recall reminders, secure payment acceptance and a basic customer relationship management module.

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