Cerebras Systems (NASDAQ:CBRS) Sees Strong Trading Volume – Still a Buy?

Cerebras Systems Inc. (NASDAQ:CBRS) shares saw strong trading volume on Wednesday . 5,880,271 shares traded hands during trading, a decline of 17% from the previous session’s volume of 7,064,786 shares.The stock last traded at $215.8510 and had previously closed at $208.57.

Wall Street Analysts Forecast Growth

CBRS has been the topic of a number of research reports. TD Cowen initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $275.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a report on Wednesday, June 24th. Freedom Capital raised Cerebras Systems to a “hold” rating in a research report on Monday, June 29th. Craig Hallum initiated coverage on Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $325.00 price target for the company. Finally, Citigroup started coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $340.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $299.30.

Cerebras Systems Stock Up 3.8%

The stock’s fifty day moving average price is $221.65.

Cerebras Systems (NASDAQ:CBRS) last posted its earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.10. The company had revenue of $193.41 million during the quarter, compared to analyst estimates of $180.70 million.

Insiders Place Their Bets

In related news, CTO Sean Lie sold 10,033 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $170.07, for a total value of $1,706,312.31. Following the completion of the transaction, the chief technology officer directly owned 10,033 shares in the company, valued at approximately $1,706,312.31. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew D. Feldman sold 17,990 shares of the stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $173.06, for a total transaction of $3,113,349.40. Following the completion of the transaction, the chief executive officer owned 17,990 shares of the company’s stock, valued at approximately $3,113,349.40. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 117,547 shares of company stock valued at $20,676,799.

About Cerebras Systems

Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.

In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.