Citigroup Lowers Weave Communications (NYSE:WEAV) Price Target to $8.00

Weave Communications (NYSE:WEAV) had its price objective decreased by equities researchers at Citigroup from $9.00 to $8.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 13.72% from the stock’s current price.

A number of other brokerages also recently issued reports on WEAV. Piper Sandler reduced their price objective on shares of Weave Communications from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday. Stifel Nicolaus reduced their target price on Weave Communications from $13.00 to $11.00 and set a “buy” rating for the company in a report on Friday. Raymond James Financial dropped their price target on Weave Communications from $17.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Friday, August 1st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Weave Communications in a research report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Weave Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.50.

Weave Communications Stock Down 5.1%

Shares of WEAV traded down $0.38 on Monday, reaching $7.04. The company’s stock had a trading volume of 971,764 shares, compared to its average volume of 984,093. Weave Communications has a twelve month low of $6.35 and a twelve month high of $17.63. The stock has a market capitalization of $541.98 million, a PE ratio of -16.38 and a beta of 1.71. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average of $7.20 and a 200-day moving average of $8.27.

Weave Communications (NYSE:WEAV) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.10) earnings per share (EPS) for the quarter. The company had revenue of $58.50 million for the quarter, compared to analyst estimates of $57.81 million. Weave Communications had a negative net margin of 14.32% and a negative return on equity of 43.15%. Equities analysts predict that Weave Communications will post -0.33 EPS for the current year.

Insider Buying and Selling

In related news, CFO Jason Paul Christiansen sold 4,131 shares of Weave Communications stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $7.73, for a total value of $31,932.63. Following the completion of the transaction, the chief financial officer directly owned 317,381 shares in the company, valued at approximately $2,453,355.13. The trade was a 1.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Erin Goodsell sold 9,541 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $7.50, for a total value of $71,557.50. Following the sale, the insider owned 544,181 shares in the company, valued at approximately $4,081,357.50. This represents a 1.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 107,179 shares of company stock worth $825,403 in the last 90 days. 18.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in WEAV. Frontier Capital Management Co. LLC bought a new position in Weave Communications in the 2nd quarter valued at $16,915,000. Nuveen LLC purchased a new stake in shares of Weave Communications in the first quarter worth $8,720,000. Bank of New York Mellon Corp boosted its stake in Weave Communications by 474.5% during the first quarter. Bank of New York Mellon Corp now owns 570,810 shares of the company’s stock valued at $6,330,000 after buying an additional 471,446 shares during the period. CenterBook Partners LP grew its position in Weave Communications by 232.4% during the second quarter. CenterBook Partners LP now owns 670,007 shares of the company’s stock worth $5,574,000 after buying an additional 468,420 shares in the last quarter. Finally, Thrivent Financial for Lutherans purchased a new position in Weave Communications during the second quarter worth about $3,649,000. Institutional investors own 86.83% of the company’s stock.

Weave Communications Company Profile

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.