Loop Capital Lowers Weave Communications (NYSE:WEAV) to Hold

Weave Communications (NYSE:WEAVGet Rating) was downgraded by Loop Capital from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They presently have a $5.00 price target on the stock, down from their previous price target of $12.00. Loop Capital’s price target indicates a potential downside of 8.76% from the stock’s current price.

Several other research firms have also issued reports on WEAV. The Goldman Sachs Group lowered their price objective on Weave Communications from $13.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, April 14th. Piper Sandler raised their price objective on Weave Communications from $4.00 to $6.00 and gave the company a “neutral” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Weave Communications has an average rating of “Moderate Buy” and an average target price of $14.00.

Weave Communications Stock Performance

NYSE WEAV opened at $5.48 on Thursday. The stock has a market capitalization of $355.81 million and a PE ratio of -3.03. The business has a 50 day simple moving average of $4.24 and a two-hundred day simple moving average of $5.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.45 and a quick ratio of 2.45. Weave Communications has a 1-year low of $2.91 and a 1-year high of $22.40.

Weave Communications (NYSE:WEAVGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. The business had revenue of $33.27 million during the quarter, compared to analysts’ expectations of $31.29 million. Weave Communications had a negative return on equity of 219.35% and a negative net margin of 43.69%. On average, research analysts predict that Weave Communications will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Tiger Global Management Llc sold 62,840 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The stock was sold at an average price of $4.38, for a total transaction of $275,239.20. Following the completion of the sale, the insider now directly owns 7,058,656 shares of the company’s stock, valued at approximately $30,916,913.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders sold 128,841 shares of company stock valued at $603,248. Insiders own 42.20% of the company’s stock.

Institutional Investors Weigh In On Weave Communications

Institutional investors and hedge funds have recently modified their holdings of the business. New York State Common Retirement Fund bought a new stake in shares of Weave Communications during the 1st quarter worth approximately $30,000. Citigroup Inc. raised its position in Weave Communications by 236.3% during the 1st quarter. Citigroup Inc. now owns 7,325 shares of the company’s stock valued at $44,000 after purchasing an additional 5,147 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in Weave Communications during the 4th quarter valued at $45,000. Advisor Group Holdings Inc. bought a new stake in Weave Communications during the 4th quarter valued at $83,000. Finally, Bank of New York Mellon Corp bought a new stake in Weave Communications during the 1st quarter valued at $98,000. 56.45% of the stock is owned by institutional investors.

Weave Communications Company Profile

(Get Rating)

Weave Communications, Inc provides a customer communications and engagement software platform in the United States and Canada. Its platform enables small and medium-sized businesses to maximize the value of their customer interactions and minimize the time and effort spent on manual or mundane tasks.

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