Weave Communications (NYSE:WEAV) Shares Gap Down Following Weak Earnings

Shares of Weave Communications, Inc. (NYSE:WEAV) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $16.89, but opened at $15.71. Weave Communications shares last traded at $13.98, with a volume of 1,121,836 shares traded.

The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). Weave Communications had a negative net margin of 14.64% and a negative return on equity of 28.01%. The company had revenue of $54.17 million during the quarter, compared to the consensus estimate of $53.23 million.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Piper Sandler boosted their price target on shares of Weave Communications from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Loop Capital lifted their target price on shares of Weave Communications from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group increased their price target on Weave Communications from $13.00 to $14.50 and gave the stock a “neutral” rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $16.50.

Insiders Place Their Bets

In related news, CEO Brett T. White sold 54,778 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $15.86, for a total value of $868,779.08. Following the transaction, the chief executive officer now owns 1,928,364 shares in the company, valued at $30,583,853.04. This trade represents a 2.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Blake G. Modersitzki sold 120,551 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $13.90, for a total value of $1,675,658.90. Following the sale, the director now directly owns 262,440 shares of the company’s stock, valued at $3,647,916. This represents a 31.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,190,043 shares of company stock valued at $18,442,044. Insiders own 36.30% of the company’s stock.

Hedge Funds Weigh In On Weave Communications

Several large investors have recently bought and sold shares of WEAV. Aquatic Capital Management LLC bought a new stake in shares of Weave Communications during the 4th quarter valued at $34,000. Quarry LP bought a new stake in shares of Weave Communications in the third quarter valued at about $45,000. Amundi acquired a new position in shares of Weave Communications during the fourth quarter worth about $66,000. Summit Investment Advisors Inc. grew its holdings in shares of Weave Communications by 28.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,143 shares of the company’s stock worth $66,000 after buying an additional 928 shares in the last quarter. Finally, US Bancorp DE acquired a new stake in Weave Communications in the 3rd quarter valued at approximately $107,000. 86.83% of the stock is currently owned by institutional investors and hedge funds.

Weave Communications Trading Down 17.4 %

The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -35.00 and a beta of 1.91. The business has a 50-day simple moving average of $16.25 and a two-hundred day simple moving average of $13.81. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.59 and a current ratio of 1.59.

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.