Cerebras Systems (NASDAQ:CBRS) Trading 17.9% Higher – What’s Next?

Cerebras Systems Inc. (NASDAQ:CBRS)’s share price traded up 17.9% on Tuesday . The stock traded as high as $210.64 and last traded at $208.57. Approximately 6,189,864 shares changed hands during trading, a decline of 13% from the average session volume of 7,151,940 shares. The stock had previously closed at $176.88.

Analyst Ratings Changes

A number of equities analysts recently commented on CBRS shares. Freedom Capital raised Cerebras Systems to a “hold” rating in a report on Monday, June 29th. UBS Group upped their price target on Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Morgan Stanley raised their price objective on shares of Cerebras Systems from $250.00 to $273.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Needham & Company LLC restated a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, June 24th. Finally, Mizuho initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued an “outperform” rating and a $300.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cerebras Systems currently has a consensus rating of “Moderate Buy” and an average price target of $299.30.

Cerebras Systems Price Performance

The firm has a fifty day moving average of $221.41.

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

Insider Buying and Selling at Cerebras Systems

In related news, CTO Sean Lie sold 10,033 shares of the stock in a transaction dated Thursday, June 25th. The shares were 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 owned 10,033 shares of the company’s stock, valued at approximately $1,706,312.31. This trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Yagnesh Patel sold 3,954 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $174.03, for a total value of $688,114.62. Following the sale, the chief accounting officer directly owned 3,954 shares in the company, valued at $688,114.62. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 117,547 shares of company stock valued at $20,676,799 over the last quarter.

Cerebras Systems Company Profile

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.