Cerebras Systems Sees Unusually Large Options Volume (NASDAQ:CBRS)

Cerebras Systems Inc. (NASDAQ:CBRS) was the target of unusually large options trading on Friday. Stock traders acquired 76,734 put options on the company. This represents an increase of approximately 72% compared to the typical daily volume of 44,721 put options.

Insider Transactions at Cerebras Systems

In related news, CTO Sean Lie sold 710,247 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was 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. This trade represents a 65.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eric Vishria sold 68,268 shares of Cerebras Systems stock in a transaction on Monday, August 17th. The stock was sold at an average price of $229.77, for a total value of $15,685,938.36. Following the transaction, the director directly owned 31,383 shares of the company’s stock, valued at approximately $7,210,871.91. This represents a 68.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,864,452 shares of company stock worth $387,680,754 over the last ninety days.

Hedge Funds Weigh In On Cerebras Systems

Institutional investors have recently modified their holdings of the company. Value Aligned Research Advisors LLC acquired a new position in Cerebras Systems in the second quarter valued at $241,934,000. Wellington Management Group LLP acquired a new stake in Cerebras Systems during the second quarter worth about $194,853,000. State Street Corp acquired a new stake in Cerebras Systems during the second quarter worth about $105,343,000. Dragoneer Investment Group LLC purchased a new position in shares of Cerebras Systems in the 2nd quarter worth about $88,400,000. Finally, Montanova Capital LLC purchased a new position in shares of Cerebras Systems in the 2nd quarter worth about $37,990,000.

Wall Street Analysts Forecast Growth

CBRS has been the topic of several recent research reports. Weiss Ratings lowered shares of Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, September 25th. Rosenblatt Securities restated a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a report on Wednesday, August 19th. Freedom Capital upgraded shares of Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Morgan Stanley increased their price target on shares of Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Finally, Citigroup dropped their price objective on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $299.90.

Cerebras Systems Stock Down 10.5%

Shares of CBRS traded down $14.96 during trading hours on Friday, reaching $127.21. 11,749,471 shares of the company traded hands, compared to its average volume of 9,216,667. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 5.80. The company has a market cap of $30.22 billion and a PE ratio of -1,590.12. Cerebras Systems has a fifty-two week low of $126.05 and a fifty-two week high of $386.34. The company’s fifty day moving average price is $191.68.

Cerebras Systems (NASDAQ:CBRS) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The company had revenue of $209.87 million during the quarter. The business’s revenue was up 74.3% on a year-over-year basis. Research analysts predict that Cerebras Systems will post -0.52 EPS for the current fiscal year.

About Cerebras Systems

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.