Weave Communications (NYSE:WEAV) Hits New 1-Year Low on Insider Selling

Shares of Weave Communications, Inc. (NYSE:WEAV) reached a new 52-week low during trading on Thursday following insider selling activity. The stock traded as low as $8.24 and last traded at $8.33, with a volume of 869428 shares changing hands. The stock had previously closed at $8.44.

Specifically, insider Erin Goodsell sold 7,472 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $8.59, for a total value of $64,184.48. Following the transaction, the insider now directly owns 584,657 shares in the company, valued at $5,022,203.63. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brett T. White sold 53,111 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $8.59, for a total transaction of $456,223.49. Following the completion of the transaction, the chief executive officer now owns 2,004,136 shares in the company, valued at $17,215,528.24. This represents a 2.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Weave Communications news, CRO Joseph David Mcneil sold 14,302 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $8.53, for a total value of $121,996.06. Following the transaction, the executive now directly owns 409,060 shares in the company, valued at $3,489,281.80. This represents a 3.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

WEAV has been the topic of several recent analyst reports. Raymond James Financial dropped their price target on shares of Weave Communications from $20.00 to $17.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, April 29th. Stifel Nicolaus dropped their price target on shares of Weave Communications from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Finally, Piper Sandler raised their target price on shares of Weave Communications from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Weave Communications has an average rating of “Buy” and an average target price of $16.10.

Weave Communications Trading Down 1.4%

The company has a debt-to-equity ratio of 0.10, a current ratio of 1.60 and a quick ratio of 1.60. The firm has a market capitalization of $625.87 million, a PE ratio of -20.30 and a beta of 1.86. The business’s 50-day moving average price is $9.83 and its 200-day moving average price is $12.73.

Weave Communications (NYSE:WEAV) last announced its earnings results on Monday, May 5th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.12). The business had revenue of $55.81 million for the quarter, compared to analysts’ expectations of $54.72 million. Weave Communications had a negative return on equity of 31.08% and a negative net margin of 14.07%. As a group, analysts expect that Weave Communications, Inc. will post -0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Weave Communications

Several hedge funds have recently modified their holdings of WEAV. Wasatch Advisors LP lifted its holdings in shares of Weave Communications by 38.4% during the fourth quarter. Wasatch Advisors LP now owns 5,205,665 shares of the company’s stock worth $82,874,000 after purchasing an additional 1,444,828 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Weave Communications by 202.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,650,760 shares of the company’s stock valued at $26,280,000 after acquiring an additional 1,105,728 shares during the period. Raymond James Financial Inc. acquired a new stake in Weave Communications in the fourth quarter valued at $14,984,000. Voya Investment Management LLC lifted its holdings in Weave Communications by 509.2% in the fourth quarter. Voya Investment Management LLC now owns 1,099,255 shares of the company’s stock valued at $17,500,000 after acquiring an additional 918,804 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Weave Communications by 23.5% in the fourth quarter. Vanguard Group Inc. now owns 4,536,462 shares of the company’s stock valued at $72,220,000 after acquiring an additional 863,547 shares during the period. 86.83% of the stock is owned by institutional investors and hedge funds.

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.