Weave Communications (NYSE:WEAV) Shares Gap Down on Disappointing Earnings

Weave Communications, Inc. (NYSE:WEAV) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $10.93, but opened at $9.89. Weave Communications shares last traded at $9.48, with a volume of 402,090 shares changing hands.

The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.08). The business had revenue of $47.17 million for the quarter, compared to analyst estimates of $45.89 million. Weave Communications had a negative return on equity of 31.24% and a negative net margin of 17.06%. During the same quarter in the prior year, the company earned ($0.12) earnings per share.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on WEAV. Piper Sandler reiterated an “overweight” rating and issued a $15.00 price target on shares of Weave Communications in a research note on Thursday, February 22nd. Stifel Nicolaus lifted their price target on Weave Communications from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, February 22nd. Finally, Raymond James upgraded Weave Communications from an “outperform” rating to a “strong-buy” rating and set a $15.00 price objective on the stock in a research note on Monday, February 26th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in shares of Weave Communications by 896.6% in the third quarter. Bank of New York Mellon Corp now owns 937,604 shares of the company’s stock valued at $7,641,000 after acquiring an additional 843,526 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Weave Communications by 37.9% in the third quarter. Vanguard Group Inc. now owns 2,942,793 shares of the company’s stock valued at $23,984,000 after buying an additional 808,248 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of Weave Communications by 142.9% in the third quarter. Lord Abbett & CO. LLC now owns 1,042,961 shares of the company’s stock valued at $8,500,000 after buying an additional 613,649 shares during the period. Wasatch Advisors LP increased its position in shares of Weave Communications by 17.9% in the fourth quarter. Wasatch Advisors LP now owns 2,172,373 shares of the company’s stock worth $24,917,000 after purchasing an additional 330,422 shares during the period. Finally, ClariVest Asset Management LLC acquired a new stake in Weave Communications during the third quarter worth about $1,351,000. Institutional investors own 86.83% of the company’s stock.

Weave Communications Stock Down 3.8 %

The firm’s 50-day moving average price is $11.54 and its 200 day moving average price is $10.77. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $590.55 million, a price-to-earnings ratio of -19.81 and a beta of 2.23.

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.