Cerebras Systems (NASDAQ:CBRS) Sets New 52-Week Low – Here’s What Happened

Shares of Cerebras Systems Inc. (NASDAQ:CBRS) reached a new 52-week low during trading on Wednesday. The company traded as low as $94.42 and last traded at $94.6010, with a volume of 344,282 shares. The stock had previously closed at $97.82.

Wall Street Analyst Weigh In

CBRS has been the topic of several research reports. Weiss Ratings lowered Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research report on Wednesday. Morgan Stanley boosted their price target on Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. UBS Group dropped their price target on Cerebras Systems from $330.00 to $250.00 and set a “buy” rating for the company in a research note on Monday. Needham & Company LLC restated a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a report on Wednesday, August 19th. Finally, Jefferies Financial Group raised Cerebras Systems to an “outperform” rating in a research note on Monday, October 5th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $281.90.

Cerebras Systems Stock Performance

The company’s fifty day simple moving average is $161.22. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.80 and a current ratio of 5.82. The firm has a market cap of $19.41 billion and a price-to-earnings ratio of -1,021.37.

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 the consensus estimate of ($0.21) by ($2.77). The company had revenue of $209.87 million during the quarter. Cerebras Systems’s revenue for the quarter was up 74.3% on a year-over-year basis. As a group, analysts forecast that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Cerebras Systems

In other news, CEO Andrew Feldman sold 237,559 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the transaction, the chief executive officer directly owned 16,853 shares of the company’s stock, valued at approximately $3,358,297.31. The trade was a 93.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Sean Lie sold 710,247 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $207.86, for a total transaction of $147,631,941.42. Following the sale, the chief technology officer directly owned 368,926 shares of the company’s stock, valued at approximately $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. In the last quarter, insiders sold 1,924,452 shares of company stock valued at $394,628,154.

Institutional Trading of Cerebras Systems

Several large investors have recently modified their holdings of the business. Wealth Enhancement Trust Services Inc. acquired a new position in Cerebras Systems during the 3rd quarter worth $26,000. GK Wealth Management LLC acquired a new stake in Cerebras Systems during the third quarter valued at approximately $31,000. Blue Bell Private Wealth Management LLC bought a new position in Cerebras Systems during the 3rd quarter worth approximately $31,000. Torren Management LLC bought a new position in Cerebras Systems during the 3rd quarter worth approximately $39,000. Finally, Silicon Valley Capital Partners bought a new position in Cerebras Systems during the 2nd quarter worth approximately $44,000.

Cerebras Systems Company Profile

Cerebras Systems is a technology company that develops specialized computing systems for artificial intelligence and high-performance computing. Its core product is the Wafer-Scale Engine, a processor designed to provide large-scale computing capacity and high-speed data movement for training and running AI models.

The company offers integrated AI computing systems, including the Cerebras CS series, which combines its wafer-scale processors with supporting hardware and software. Cerebras also provides access to its technology through cloud-based services, enabling businesses, research organizations and other users to develop and deploy AI applications without operating the underlying systems themselves.

Founded in 2015 and headquartered in Sunnyvale, California, Cerebras serves customers in sectors such as technology, government, scientific research and other data-intensive industries.