Wall Street Zen Downgrades Weave Communications (NYSE:WEAV) to Hold

Weave Communications (NYSE:WEAV) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Sunday.

Other equities analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Weave Communications in a research note on Wednesday, July 8th. UBS Group reissued an “accumulate” rating on shares of Weave Communications in a research note on Tuesday, August 18th. B. Riley Financial lowered shares of Weave Communications from a “buy” rating to a “hold” rating and cut their price target for the company from $8.25 to $7.40 in a research note on Wednesday, August 19th. Piper Sandler cut Weave Communications from an “overweight” rating to a “hold” rating and reduced their price objective for the stock from $8.00 to $7.40 in a research report on Tuesday, August 18th. Finally, Loop Capital lowered shares of Weave Communications from a “buy” rating to a “hold” rating and set a $7.40 price objective on the stock. in a research report on Wednesday, August 19th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Weave Communications presently has a consensus rating of “Hold” and an average price target of $7.84.

Weave Communications Price Performance

Shares of WEAV opened at $7.29 on Friday. The firm has a market capitalization of $583.60 million, a price-to-earnings ratio of -29.18 and a beta of 1.67. The stock’s fifty day moving average is $6.34 and its 200-day moving average is $5.69. Weave Communications has a one year low of $4.24 and a one year high of $8.00. 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) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. The business had revenue of $67.54 million for the quarter, compared to analyst estimates of $67.88 million. Weave Communications had a negative return on equity of 21.14% and a negative net margin of 7.97%. Equities analysts anticipate that Weave Communications will post -0.22 EPS for the current year.

Hedge Funds Weigh In On Weave Communications

Several hedge funds and other institutional investors have recently bought and sold shares of WEAV. Amundi grew its holdings in Weave Communications by 27.1% during the 1st quarter. Amundi now owns 5,301 shares of the company’s stock worth $59,000 after acquiring an additional 1,130 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Weave Communications by 6.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,918 shares of the company’s stock valued at $265,000 after buying an additional 1,457 shares in the last quarter. Creative Planning bought a new position in shares of Weave Communications in the 2nd quarter worth $143,000. JPMorgan Chase & Co. increased its holdings in Weave Communications by 2.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 292,452 shares of the company’s stock worth $2,433,000 after purchasing an additional 7,651 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Weave Communications by 83.9% during the 2nd quarter. Legal & General Group Plc now owns 65,657 shares of the company’s stock worth $546,000 after acquiring an additional 29,958 shares during the last quarter. Institutional investors and hedge funds own 86.83% of the company’s stock.

About Weave Communications

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.