Weave Communications (NYSE:WEAV) Shares Gap Down Following Weak Earnings

Weave Communications, Inc. (NYSE:WEAV) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $16.89, but opened at $15.71. Weave Communications shares last traded at $13.98, with a volume of 1,121,836 shares changing hands.

The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). The business had revenue of $54.17 million for the quarter, compared to analyst estimates of $53.23 million. Weave Communications had a negative return on equity of 28.01% and a negative net margin of 14.64%.

Analysts Set New Price Targets

Several research analysts have weighed in on WEAV shares. Piper Sandler boosted their price target on Weave Communications from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. The Goldman Sachs Group boosted their target price on shares of Weave Communications from $13.00 to $14.50 and gave the stock a “neutral” rating in a report on Friday, November 1st. Finally, Loop Capital increased their price target on shares of Weave Communications from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Weave Communications currently has a consensus rating of “Buy” and a consensus target price of $16.50.

Insider Buying and Selling

In other news, Director Blake G. Modersitzki sold 74,756 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $17.49, for a total transaction of $1,307,482.44. Following the completion of the sale, the director now directly owns 179,153 shares in the company, valued at approximately $3,133,385.97. This represents a 29.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Alan Taylor sold 12,044 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $16.15, for a total value of $194,510.60. Following the completion of the transaction, the chief financial officer now owns 287,798 shares in the company, valued at $4,647,937.70. The trade was a 4.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,190,043 shares of company stock valued at $18,442,044. 36.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Weave Communications

Large investors have recently modified their holdings of the business. Wasatch Advisors LP lifted its stake in Weave Communications by 38.4% in the 4th quarter. Wasatch Advisors LP now owns 5,205,665 shares of the company’s stock valued at $82,874,000 after purchasing an additional 1,444,828 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Weave Communications by 23.5% during the 4th quarter. Vanguard Group Inc. now owns 4,536,462 shares of the company’s stock valued at $72,220,000 after acquiring an additional 863,547 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Weave Communications by 202.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,650,760 shares of the company’s stock worth $26,280,000 after purchasing an additional 1,105,728 shares in the last quarter. Pathway Capital Management LP grew its stake in shares of Weave Communications by 136.3% in the 4th quarter. Pathway Capital Management LP now owns 1,349,365 shares of the company’s stock valued at $21,482,000 after buying an additional 778,413 shares during the period. Finally, AXA S.A. increased its position in Weave Communications by 0.7% in the 4th quarter. AXA S.A. now owns 1,294,281 shares of the company’s stock valued at $20,605,000 after buying an additional 9,365 shares in the last quarter. Institutional investors and hedge funds own 86.83% of the company’s stock.

Weave Communications Trading Down 17.4 %

The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.59 and a current ratio of 1.59. The business has a 50 day moving average of $16.25 and a two-hundred day moving average of $13.81. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of -35.00 and a beta of 1.91.

About Weave Communications

Weave Communications, Inc provides a customer experience and payments software platform in the United States and Canada. Its platform enables small and medium-sized healthcare businesses to maximize the value of their patient interactions and minimize the time and effort spent on manual or mundane tasks.