Weave Communications (NYSE:WEAV) Cut to Hold at B. Riley Financial

B. Riley Financial downgraded shares of Weave Communications (NYSE:WEAV) from a buy rating to a hold rating in a research report report published on Wednesday morning, Marketbeat reports. The brokerage currently has $7.40 price objective on the stock, down from their previous price objective of $8.25.

A number of other equities research analysts have also issued reports on WEAV. Loop Capital lowered shares of Weave Communications from a “buy” rating to a “hold” rating and set a $7.40 target price for the company. in a report on Wednesday. Wall Street Zen raised shares of Weave Communications from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Weave Communications in a research report on Wednesday, July 8th. UBS Group reaffirmed an “accumulate” rating on shares of Weave Communications in a research note on Tuesday. Finally, Piper Sandler downgraded shares of Weave Communications from an “overweight” rating to a “hold” rating and cut their price objective for the company from $8.00 to $7.40 in a report on Tuesday. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.84.

Weave Communications Stock Performance

NYSE WEAV opened at $7.30 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.25 and a quick ratio of 1.25. The stock’s 50 day simple moving average is $6.30 and its 200-day simple moving average is $5.68. The company has a market cap of $584 million, a PE ratio of -29.20 and a beta of 1.67. Weave Communications has a 1-year low of $4.24 and a 1-year high of $8.11.

Weave Communications (NYSE:WEAV) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. Weave Communications had a negative return on equity of 21.14% and a negative net margin of 7.97%.The firm had revenue of $67.54 million during the quarter, compared to analysts’ expectations of $67.88 million. As a group, equities research analysts anticipate that Weave Communications will post -0.22 EPS for the current fiscal year.

Institutional Trading of Weave Communications

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amundi raised its holdings in shares of Weave Communications by 27.1% during the 1st quarter. Amundi now owns 5,301 shares of the company’s stock worth $59,000 after acquiring an additional 1,130 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Weave Communications by 6.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,918 shares of the company’s stock valued at $265,000 after purchasing an additional 1,457 shares during the period. Russell Investments Group Ltd. increased its position in Weave Communications by 3.0% during the fourth quarter. Russell Investments Group Ltd. now owns 68,070 shares of the company’s stock worth $517,000 after purchasing an additional 2,009 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Weave Communications by 9.8% during the fourth quarter. Sequoia Financial Advisors LLC now owns 26,489 shares of the company’s stock worth $201,000 after purchasing an additional 2,354 shares during the last quarter. Finally, Deutsche Bank AG raised its stake in Weave Communications by 0.7% during the fourth quarter. Deutsche Bank AG now owns 353,591 shares of the company’s stock worth $2,684,000 after purchasing an additional 2,366 shares during the period. 86.83% of the stock is owned by institutional investors and hedge funds.

About Weave Communications

Weave Communications is a technology company that provides integrated communications and customer management solutions tailored for small- to medium-sized local businesses. Headquartered in Lehi, Utah, the company developed a cloud-based platform that unifies voice calling, business texting, appointment reminders and payment processing within a single interface.

The platform’s core offerings include a unified business phone system, two-way texting, automated appointment and recall reminders, secure payment acceptance and a basic customer relationship management module.