Cerebras Systems (NASDAQ:CBRS) Trading Down 5.6% – Here’s What Happened

Cerebras Systems Inc. (NASDAQ:CBRS) dropped 5.6% on Tuesday . The company traded as low as $174.57 and last traded at $173.85. 1,017,577 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 7,125,078 shares. The stock had previously closed at $184.24.

Analyst Ratings Changes

Several research firms have weighed in on CBRS. Craig Hallum began coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $325.00 price target on the stock. Freedom Capital raised Cerebras Systems to a “hold” rating in a report on Monday, June 29th. TD Cowen initiated coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $275.00 price objective on the stock. Weiss Ratings began coverage on shares of Cerebras Systems in a research note on Thursday, August 13th. They issued a “sell (d)” rating on the stock. Finally, UBS Group lifted their target price on shares of Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $299.90.

Cerebras Systems Price Performance

The business’s 50 day simple moving average is $202.46.

Cerebras Systems (NASDAQ:CBRS) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The business had revenue of $209.87 million during the quarter. The business’s quarterly revenue was up 74.3% compared to the same quarter last year. Equities analysts anticipate that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Activity at Cerebras Systems

In related news, Director Steven Vassallo sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $218.18, for a total value of $10,909,000.00. Following the completion of the sale, the director owned 49,599 shares in the company, valued at $10,821,509.82. The trade was a 50.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Andrew D. Feldman sold 237,559 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $199.27, for a total value of $47,338,381.93. Following the completion of the sale, the chief executive officer directly owned 16,853 shares of the company’s stock, valued at approximately $3,358,297.31. This represents a 93.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,291,278 shares of company stock worth $265,966,662 in the last quarter.

Institutional Investors Weigh In On Cerebras Systems

Institutional investors have recently made changes to their positions in the business. Corient Private Wealth LP bought a new position in shares of Cerebras Systems during the 2nd quarter valued at $205,000. Tiger Pacific Capital LP bought a new stake in Cerebras Systems in the second quarter worth $221,000. Carlson Financial Inc. purchased a new stake in Cerebras Systems during the second quarter valued at about $322,000. Allianz Asset Management GmbH purchased a new stake in Cerebras Systems during the second quarter valued at about $508,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of Cerebras Systems during the second quarter valued at about $630,000.

About Cerebras Systems

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.