Cerebras Systems Inc. $CBRS Shares Newly Acquired by REX Advisers LLC

REX Advisers LLC bought a new stake in Cerebras Systems Inc. (NASDAQ:CBRS) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,600 shares of the company’s stock, valued at approximately $897,000. Cerebras Systems accounts for about 4.0% of REX Advisers LLC’s investment portfolio, making the stock its 13th biggest position.

Several other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Trust Services Inc. acquired a new stake in shares of Cerebras Systems in the third quarter valued at approximately $26,000. Silicon Valley Capital Partners acquired a new position in shares of Cerebras Systems in the 2nd quarter valued at $44,000. CoreCap Advisors LLC purchased a new stake in Cerebras Systems in the 3rd quarter valued at $52,000. IFP Advisors Inc acquired a new stake in Cerebras Systems during the 2nd quarter worth $169,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Cerebras Systems during the second quarter worth about $197,000.

Analyst Upgrades and Downgrades

Several research firms have commented on CBRS. Weiss Ratings downgraded Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, September 25th. Citigroup cut their price target on Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Mizuho lowered their price objective on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Rosenblatt Securities restated a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a research report on Wednesday, August 19th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a research note on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Price Performance

Shares of NASDAQ CBRS traded down $7.13 during trading on Thursday, hitting $167.92. 10,126,125 shares of the company were exchanged, compared to its average volume of 7,273,854. The stock has a market cap of $39.89 billion and a P/E ratio of -2,099.00. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34. The stock has a fifty day moving average price of $200.23. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.80 and a current ratio of 5.82.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The firm had revenue of $209.87 million for the quarter. The firm’s revenue was up 74.3% on a year-over-year basis. On average, research analysts forecast that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Dhiraj Mallick sold 396,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $204.04, for a total value of $80,799,840.00. Following the sale, the chief operating officer owned 396,000 shares in the company, valued at $80,799,840. This represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sean Lie sold 710,247 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $207.86, for a total value of $147,631,941.42. Following the completion of the transaction, the chief technology officer directly owned 368,926 shares of the company’s stock, valued at $76,684,958.36. The trade was a 65.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,864,452 shares of company stock valued at $387,680,754 in the last 90 days.

Cerebras Systems Profile

Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and deploying large AI models. The company’s technology is designed to address the computational demands of generative AI, deep learning and other data-intensive workloads.

Its core products include the Wafer-Scale Engine, a purpose-built AI processor produced on a single silicon wafer, and the CS-3 AI supercomputer, which incorporates that processor into an integrated computing system.